DAMAC Properties mulls increasing stake in DAMAC International Limited

The Dubai-based developer currently owns a 20% stake in the subsidiary

  
DAMAC tops off Paramount Tower Hotel and Residences on Sheikh Zayed Road. Image for illustrative purposes.

DAMAC tops off Paramount Tower Hotel and Residences on Sheikh Zayed Road. Image for illustrative purposes.

Damac / Handout via Zawya

Dubai’s DAMAC Properties PJSC has announced that its board will consider increasing its stake in part-owned subsidiary DAMAC International Limited.

The company announced today to Dubai Financial Market (DFM) that the matter would be considered at a board meeting on Thursday.

DAMAC International Ltd owns Nine Elms Property Limited, the developer behind the London-based DAMAC Tower Nine Elms development.

DAMAC Properties confirmed at the end of last year that 85 percent of the company’s shares are still controlled by founder Hussain Sajwani and his family.

Sajwani last month urged patience, saying market recovery post COVID-19 could be as far away as 2023, after DAMAC Properties 2020 losses were revealed to be $297 million.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

 imogen.lillywhite@refinitiv.com 

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© ZAWYA 2021

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