DAMAC founder makes $255m take private bid

Author:
Reuters
article author:
Reuters
ID:
1623224441141151600
Wed, 2021-06-09 07:28

DUBAI: Emirati property tycoon Hussain Sajwani has made a 935.4 million dirham ($255 million) offer to buy out minority shareholders in DAMAC Properties, which he has run for nearly two decades.
The all cash offer for DAMAC comes amid a years-long slump in Dubai’s once hot property market, which has been exacerbated by the pandemic that hit the local economy hard last year.
DAMAC is best-known for building the Middle East’s only Trump-brand golf course, which opened in Dubai in 2017 while Donald Trump was US President.

Main category:
Business & Economy
Tags:
Damac
UAE
Dubai
real estate

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