Emaar Properties is still considering an initial public offering for its India MGF joint venture, in line with its strategy announced last year, the Dubai-based developer said.

Emaar, which is building the world's tallest tower, said  that while an IPO is being considered, it is still in the preliminary stage.

"The aforementioned IPO strategy for Emaar MGF has already been announced in 2008," Emaar said in a statement on Dubai's bourse website.

Emaar was not immediately available for comment.

Poor investor sentiment due to the global economic downturn led to a sharp drop in the number of IPOs in the first quarter.

Globally, there were only 50 IPOs in the first quarter, raising $1.4 billion, about half the total raised in the final quarter of 2008, Ernst & Young (E&Y) said in a report in April. - Reuters