Dubai: Damac Properties, a leading property developer in the UAE, on Sunday revealed that negotiations regarding the acquisition of two plots of lands in Al Sufouh and Business Bay areas in Dubai offered by DICO Properties Co LLC have not been finalised yet.

The company will announce the value of the transaction once completed, as well as its impact on the company’s financial status in terms of income and profits, according to a statement to the Dubai Financial Market (DFM).

This comes as a clarification to the disclosure published by the company on 14 August 2019.

Damac previously announced it had assigned its group financial officer to undertake the negotiation process of the acquisition.

It is worth noting that Damac Properties had reported a net profit of AED 82 million for the six-month period ended 30 June 2019.

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