Dubai Parks and Resorts, part of the emirate's Meraas investment group, will offer 40 percent of its shares to the public in a $689 million intiial public offer, the company said on Tuesday.

The company will offer 2.53 billion shares at a price of 1 dirham each, in an offer that will run from Nov. 17 to 30. Five percent of the offer will be reserved for the national government's Emirates Investment Authority.

Dubai Parks and Resorts plans a massive real estate development project in Dubai's Jebel Ali area that is to include theme parks and hotel facilities.