Dubai: Emaar Properties PJSC, the Dubai-based developer of the world’s tallest skyscraper, plans to sell as much as 30% of its real estate development business in the United Arab Emirates in an initial public offering.

The funds raised will primarily be distributed as dividends to Emaar’s shareholders, the company said in a statement on Wednesday. Emaar shares jumped as much as 7.1%, the most since January 2016, in Dubai.

The shares of the unit will also be listed on the Dubai Financial Market and the sale is subject to market conditions. The IPO would be the largest in the UAE since Emaar Malls PJSC raised $1.58 billion in an offering in 2014.

Emaar, which itself is listed on the DFM, has spearhead a building boom in Dubai after the emirate allowed foreigners to own property in some parts of the city about 15 years ago as part of a plan to transform into the Middle East’s tourism and trading hub. Revenue from the company’s property development business in the UAE more than tripled to 14.4 billion dirhams ($3.9 billion) in 2016 from 4.2 billion dirhams in 2012, according to the statement.

The decision to IPO followed an internal review of the company’s asset values. “This indicated the importance of highlighting the value of this business as a major contributor to the overall profitability of Emaar through an independent listing," according to the statement. “Investors who value the proven development track record of Emaar can invest directly in this business," enhancing Emaar’s overall valuation, it said.

Emaar also has development businesses in several other countries, including Saudi Arabia, Egypt, India and Pakistan. The Dubai government owns 29.2% of the company, according to data compiled by Bloomberg. Bloomberg