Dubai Investments, a diversified Dubai-based investment group, will press ahead with floating shares in subsidiary companies if a market rally extends over the next six to nine months, its CEO Khalid Bin Kalban said on Sunday. Top of the list of candidates for an IPO was Emicool, a company that provides cooling systems for buildings by delivering chilled water through pipes. Its IPO has been mooted for several years. Khalid Bin Kalban told reporters that market conditions have started improving and if the momentum continues then the company can go ahead with its planned IPOs in the six to nine months. The company is also pressing ahead with plans to build industrial zones in Saudi Arabia’s capital Riyadh and Angola similar to its flagship Dubai Investments Park. The company responsible for the Riyadh park is likely to be established by the summer, said Kalban. Dubai Investments is initially investing USD163mn (AED600mn)  in the Riyadh project to buy the land and build the infrastructure, with its unnamed Saudi partner adding a further AED600mn. Around AED500mn of Dubai Investments’ contribution is likely to be raised from three unnamed Saudi Arabian banks in a deal set to close by the end of February, Bin Kalban said. (Reuters)