US$30b for Emirates

EMIRATES, the Dubai-owned airline that may follow port operator DP World in selling shares to the public, may be valued at as much as US$30 billion, President Tim Clark said.

"My assessment is fairly conservative: I would say the valuation of the group is between US$20 and US$30 billion," Clark said from Dubai yesterday, Bloomberg News reported. Emirates, the biggest Arab airline, has no "definitive" plan to sell shares in an initial public offering, he added.

Emirates may consider selling shares after DP World, also owned by the government, announced an IPO. The port operator, the fourth-largest in the world, will sell about 20 percent of its equity from November 4 to raise at least US$3.5 billion. DP World shares will list on the Dubai International Financial Exchangefor issuers from India, Africa and Europe.