Local developer Emaar Properties is to split its business into six new divisions within three years.

Emaar will become the new parent conglomerate with new business segments for retail, education, healthcare, finance, industry, and hospitality and leisure. Emaar's international business will operate separately.

'To optimise capital utilisation, these businesses have to be managed as stand-alone units with independent profitability and cost structures,' said Emaar chairman Mohamed Ali Alabbar. 'We are preparing our businesses to be ready for independent listings within the next three years.'

Emaar has also signed a deal with its Egyptian partners to acquire their shares in Emaar Misr for Development Company. Emaar has two projects in Egypt, in Uptown Cairo and Marassi (MEED 9:2:07).

The company announced on 12 March a 20 per cent dividend, well below investors' expectations. In trading the following day, Emaar's share price fell by more than 5 per cent.