Damac wins approval to boost stake in international unit
DUBAI, March 7, 2021
Dubai-based developer Damac Properties said it has won approval from the company's board of directors to boost its stake in the group's key international subsidiary, Damac International.
The Emirati company operates internationally providing residential, commercial and leisure properties and has presence in the Saudi Arabia, Qatar, Jordan, Lebanon, Oman and the UK. Damac was the first UAE developer to list on the London Stock Exchange.
Following the go-ahead from the company's board, Damac will increase its stake in Damac International to 45 per cent from the present 20 per cent, said the company in its filing to Dubai Financial Market.
Damac International is the owner of Nine Elms Property, the company behind Damac Tower Nine Elms, a 50-storey building, located in one of London’s most prestigious residential addresses.
It will feature studios, one-, two- and three-bedroom apartments, complemented by premium finishings, and feature special ‘winter gardens’ that offer panoramic views of the city.
