People gather outside a sales office of Dubai's Emaar Properties that provides information and allows customers to reserve properties as part of the architecural project "Downtown Erbil" on October 27, 2013 in Arbil. AFP PHOTO/SAFIN HAMED
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Emaar Properties PJSC raised 4.82 billion dirhams ($1.31 billion) from selling a 20 percent stake in its United Arab Emirates development business, pricing the initial public offering at the bottom of a revised range.The Dubai-based developer of the world's tallest skyscraper sold 800 million shares of Emaar Development PJSC at 6.03 dirhams a share, it said in a statement.While Emaar Properties shares have declined about 5 percent in the past two weeks, they are still up 13 percent since it initially announced the intention to sell shares of Emaar Development in June.Emaar Properties said third-quarter net income increased 32 percent to 1.51 billion dirhams.
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