Emaar Malls shares jump 12 percent on listing

DUBAI, United Arab Emirates (AP) — Shares in the owner of the Middle East's largest mall jumped over 12 percent in the first day of trading on the Dubai stock exchange after its initial public offering.

Shares in Emaar Malls Group, which owns The Dubai Mall, peaked at one point Thursday to almost 3.5 dirhams (95 cents) from the 2.9 dirhams (78 cents) it listed in its IPO. Shares closed at 3.25 dirhams (88 cents).

Emaar had sold a 15.4 percent stake in Emaar Malls Group in a $1.6 billion IPO last month that was the biggest in Dubai since 2007.

Emaar Chairman Mohamed Alabbar says there are plans for its hotels unit, Emaar Hospitality, to go public as well. The hospitality group owns Dubai's Armani hotel inside the world's tallest tower, built by Emaar Properties.