Dubai’s real estate developer DAMAC Properties clarified on Wednesday that only a small portion of the company’s shares are owned by foreign investors and that the majority ownership, approximately 85%, is still controlled by the founder, Emirati billionaire Hussain Sajwani and his family.

It was reported last week that more than a third (33.82 percent) of the company, representing a little over two billion shares, are owned by “foreign investors”.

In a statement to the Dubai Financial Market (DFM) on Wednesday, the developer said foreigners hold only three percent of all company shares, while the biggest chunk of the shares, around 72 percent, still belong to Sajwani.

“The company wishes to clarify that… 72.2 percent of total company shares are held by founder and chairman Hussain Sajwani (18 percent are held by him through companies registered in foreign jurisdictions, and the balance 54 percent are held onshore),” DAMAC said.

31 percent of shares in foreign assets

Apart from the 18 percent of shares held by Sajwani in assets abroad, the businessman’s family members also hold 13 percent of the company’s total shares through companies in foreign jurisdictions.

“Therefore, and as per company information, almost 31 percent of all company shares held through companies in foreign jurisdictions are in fact owned by UAE nationals,” DAMAC said.

“In total, circa 34 percent of all company shares are held through companies in foreign jurisdictions and therefore, the balance 3 percent of all company shares are owned by foreign investors,” it added.

Sajwani is looking to make more acquisitions overseas and expand his portfolio.

DAMAC’s private investment arm The DICO Group announced recently the appointment of a senior vice president for acquisitions, whose new mandate includes exploring possibilities for further acquisitions overseas. Recently, the firm took over 100 percent ownership of Italian fashion house Roberto Cavalli.

(Reporting by Cleofe Maceda; editing by Mily Chakrabarty)

Cleofe.maceda@refinitiv.com 

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