Dubai's DAMAC board approves increasing stake in DAMAC International

The developer's board approved the increase from 20% to 45% at its meeting last week

  
Traders monitor stocks at the Dubai Stock Exchange in the Dubai World Trade Center.

Traders monitor stocks at the Dubai Stock Exchange in the Dubai World Trade Center.

REUTERS/Ahmed Jadallah

Dubai’s DAMAC Properties has increased its stake in subsidiary DAMAC International from 20 percent to 45 percent.

The developer announced last week that its board would consider the move at a meeting on Thursday.

In a statement to Dubai Financial Market, the company said its board approved the increase of its ownership of outstanding share capital in the subsidiary from 20 percent to 45 percent.

DAMAC International is the owner of Nine Elms Property, the company behind the London-based DAMAC Tower Nine Elms development.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

imogen.lillywhite@refinitiv.com

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