Dubai-based family-owned conglomerate, Al Habtoor Group, has said its joint-venture with Australia’s Leighton Group will not be part of the initial public offering as the company is a minority shareholder in the partnership.
The firm is looking to raise as much as $1.6bn in an IPO by issuing 25% additional shares on the Nasdaq Dubai bourse next year.
Earlier this year, Al Habtoor, which has a 27.5% stake in the joint venture, announced plans to develop a new $1.3bn hotel and entertainment complex in Dubai, despite a property collapse that has seen prices plunge from a 2008 peak. 
The group, whose portfolio spans hospitality, construction, education and auto-mobiles, expects revenues to rise 15% this year in the wake of 10% growth between 2010 and 2011.
