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  • 10-06-21

    Emirati property tycoon to buy minority shareholders in DAMAC Properties

    (MENAFN)Emirati property tycoon Hussain Sajwani set a 935.4 million dirham (USD255 million) offer to purchase minority shareholders in DAMAC Properties, that he has run for nearly two decades.

    The all cash offer for DAMAC showed amid a years-long slump in Dubai’s once hot property market that was worsen by the pandemic that hit the local economy hard in 2020.

    DAMAC is best-known for building the Middle East’s only Trump-brand golf course that was launched in Dubai in 2017 as Donald Trump was US President.

    Sajwani, who resigned as chairman and from the board, has made the offer through investment vehicle Maple Invest Co that he directly and indirectly controls 88.106 percent of DAMAC.

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