October 3, 2017 / 5:33 AM / in 9 months

MIDEAST STOCKS-Gulf to consolidate, Emaar valuation may attract interest

DUBAI, Oct 3 (Reuters) - Gulf stock markets look set to consolidate in modest volumes on Tuesday without major new trading factors, although the valuation of Dubai-listed Emaar Properties’ local real estate development business may attract interest before its initial public offer.

People familiar with the deal told Reuters that the business was expected to be valued at 24 billion dirhams ($6.5 billion), based on the assets that Emaar plans to inject into the vehicle. In a bourse filing last week, Emaar listed those assets.

An Emaar spokeswoman said the estimate was only a net asset projection by a third-party valuer. “The valuation of the company will be determined during the IPO process,” she said.

The number compares with a $10.3 valuation for Emaar Malls during that company’s IPO in 2014.

In Saudi Arabia, SABB Takaful, an affiliate of Saudi British Bank, may come under pressure after regulators temporarily blocked it from issuing or renewing insurance or savings products, citing weaknesses in the firm’s internal controls. Regulators did not give details of the weaknesses.

MSCI’s broadest index of Asia-Pacific shares outside Japan is up 0.3 percent but oil prices continued pulling back by over 1 percent overnight, with Brent crude now at $55.88 a barrel. (Reporting by Andrew Torchia)

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