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Damac founder delays share acquisition for SCA review | ZAWYA MENA Edition

Damac Properties founder Hussain Sajwani’s offer to acquire shares and take the firm private has been delayed after UAE’s securities regulator, Securities & Commodities Authority (SCA), has started a review of the transaction.The UAE’s stock market regulator is to review the prospective acquisition, which would see Maple Invest Co, owned by Sajwani, owning no less than 90 percent and up to 100 percent of Damac’s shares, the company notified Dubai Financial Markets. Sajwani’s offer to buy Damac P...
Tags: Travel, Uae, SCA, DAMAC Properties, Rupert Neil Bumfrey, Damac, Hussain Sajwani, DFM, Sajwani, Securities Commodities Authority SCA, Maple Invest Co, Dubai Financial Markets Sajwani


Damac Hires Advisers to Assess $599 Million Offer to Go Private - Bloomberg

Damac Hires Advisers to Assess $599 Million Offer to Go Private - Bloomberg Damac Properties PJSC hired advisers to assess an offer to take the Dubai-based real estate developer private after backlash from investors.An independent valuer and financial adviser have been appointed to help the board determine the financial fairness of the offer from the perspective of shareholders, Damac said in a statement to the stock exchange on Sunday.Billionaire Hussain Sajwani offered to take the rest of Da...
Tags: Travel, Bloomberg, United Arab Emirates, Dubai, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Sajwani, Al Tamimi Co, Maple Invest Co Limited, Bloomberg Damac Properties PJSC, Sofyan Al Khatib


#Dubai's Damac appoints top-level committee to assess $599m shares offer - Arabianbusiness

Dubai-based developer Damac has appointed an independent committee of board directors to assess the offer from former chairman Hussain Sajwani to take the company private by buying out the minority shares.In a filing to Dubai Financial Market, Damac said it has also appointed KPMG Lower Gulf Limited as valuer and Arqaam Capital Limited as financial advisor to evaluate the offer to acquire 100 percent of its issued and paid up ordinary share capital.Maple Invest Co Limited, an investment vehicle ...
Tags: Travel, Dubai, DAMAC Properties, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Sajwani, Maple Invest Co Limited, Dubai Financial Market Damac, KPMG Lower Gulf Limited, Arqaam Capital Limited, Farooq Arjomand, Ali Malallah Binjab


#Dubai developer Damac's shareholders to know of opening and closing dates of buy offer in 21 days | Property – Gulf News

Damac's mintority shareholders will have 21 days and then some to make up their mind on the Dh2.2b offer to buy  them out. Image Credit: Bloomberg In another 21 days, the Hussain Sajwani owned Maple Invest will inform Damac’s Board of Directors and shareholders the opening and closing date for its open-ended offer to acquire the 27.285 per cent not held by it.Maple made the formal approach to Damac on June 9, a day after signaling its intention to acquire the balance stake. If al...
Tags: Travel, Bloomberg, Dubai, Gulf News, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Sajwani, Maple Invest, Damac 's Board of Directors


Founder of #Dubai property firm DAMAC makes $255 mln take private bid | Reuters

Founder of Dubai property firm DAMAC makes $255 mln take private bid | Reuters Emirati property tycoon Hussain Sajwani has made a 935.4 million dirham ($255 million) offer to buy out minority shareholders in DAMAC Properties (DAMAC.DU), 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 Mid...
Tags: Travel, London, Middle East, Dubai, Donald Trump, Maple, Trump, Reuters, Reuters Emirati, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Sajwani, Emaar Properties Dubai, Maple Invest Co, DAMAC Maple Invest Co


#UAE billionaire Hussain Sajwani, family still own over 85% of firm, DAMAC clarifies | ZAWYA MENA Edition

UAE billionaire Hussain Sajwani, family still own over 85% of firm, DAMAC clarifies | ZAWYA MENA Edition 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 ov...
Tags: Travel, Uae, Emirati, Dubai Financial Market DFM, DAMAC Properties, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Sajwani, MENA Edition Dubai


#UAE News: #Dubai’s Largest Developer Halts New Projects as Glut Hits Values - Bloomberg

UAE News: Dubai’s Largest Developer Halts New Projects as Glut Hits Values - Bloomberg Dubai’s largest developer is temporarily halting new projects amid a property glut that, combined with the coronavirus pandemic, has shaved nearly a third off house prices in the past six years.“We don’t build anymore,” Emaar Properties PJSC Chairman Mohamed Alabbar said at a conference in Dubai on Monday. “The government entities decided to stop new developments almost a year back, but Covid definitely put th...
Tags: Travel, Bloomberg, Middle East, Dubai, Emaar, Rupert Neil Bumfrey, Emaar Properties PJSC, Hussain Sajwani, Mohamed Alabbar, Nakheel PJSC, Alabbar, Sajwani, Meraas Holding LLC, Damac Properties PJSC, COVID, Bloomberg Dubai


'Tough' months ahead for #Dubai's property market: DAMAC CEO | ZAWYA MENA Edition

'Tough' months ahead for Dubai's property market: DAMAC CEO | ZAWYA MENA Edition:The coronavirus pandemic has somewhat eased Dubai’s oversupply problems, but the months ahead will remain tough for the emirate’s real estate market, a top developer said.Hussain Sajwani, the founder and chairman of DAMAC Properties, said the rest of the year will remain challenging, as the economies worldwide are still reeling from the financial fallout of the outbreak. What he is optimistic about, he added, is the...
Tags: Travel, Cnn, Dubai, Uae, DAMAC Properties, Rupert Neil Bumfrey, Hussain Sajwani, Sajwani


Damac Properties says it has not received any acquisition requests - Arabianbusiness

Damac Properties says it has not received any acquisition requests - Arabianbusiness:Dubai-based developer Damac Properties has not received any acquisition requests, amid media reports that company chairman Hussain Sajwani is considering taking the company private, the company said on Wednesday.On Tuesday, Reuters reported that Sajwani is considering buying out minority stakeholders and taking the $1.1 billion Dubai-listed company private.Citing anonymous sources, the report said that Sajwani h...
Tags: Travel, Dubai, Reuters, DAMAC Properties, Rupert Neil Bumfrey, Hussain Sajwani, Sajwani, Niall McLoughlin Damac


Exclusive: DAMAC's chairman considers taking company private - sources - Reuters

Exclusive: DAMAC's chairman considers taking company private - sources - Reuters:The chairman of DAMAC Properties DAMAC.DU, owner of the only Trump-branded golf club in the Middle East, is weighing buying out minority shareholders and taking the $1.1 billion Dubai-listed company private, three sources familiar with the talks said.Hussain Sajwani, who founded the company nearly two decades ago, has been exploring the deal since late 2019 after DAMAC’s share price plunged over the past two years, ...
Tags: Travel, Middle East, Dubai, Roberto Cavalli, Trump, Reuters, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Sajwani


Damac chairman expects Covid-19 to impact property prices and demand - Arabianbusiness

Damac chairman expects Covid-19 to impact property prices and demand - Arabianbusiness: Damac chairman Hussain Sajwani said profits were hit by non-cash items. Chairman of Dubai-based developer Damac Properties Hussain Sajwani believes the current coronavirus pandemic will impact prices and demand for property.It comes as the company reported a net loss of AED120 million ($32.7m) for the first quarter of 2020, compared to a AED31m ($8.4m) profit for the same period last year, which...
Tags: Travel, Dubai, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Sajwani, COVID


Virus May Be a Welcome Reality Check for #Dubai’s Property Glut - Bloomberg

Virus May Be a Welcome Reality Check for Dubai’s Property Glut - Bloomberg: Chairman of Damac Properties is adamant that his company will  pull through.Hussain Sajwani spoke exclusively to Yousef Gamal el-Din.  ( Source: Bloomberg) While the coronavirus is wreaking havoc around the world, it could give Dubai’s long-slumping property market a much-needed break from new projects, a top developer said.“If there is a silver lining to this crisis, it’s that now everybody is going ...
Tags: Travel, Bloomberg, Dubai, DAMAC Properties, Rupert Neil Bumfrey, Hussain Sajwani, Sajwani, Damac Properties PJSC, Property Glut Bloomberg, Yousef Gamal


Damac chairman buys Italian firm Roberto Cavalli | ZAWYA MENA Edition

Damac chairman buys Italian firm Roberto Cavalli | ZAWYA MENA Edition:Vision Investment Company (VIC), the private investment vehicle of Dubai-based billionaire Hussain Sajwani, chairman of Damac Properties, has acquired the Italian fashion house Roberto Cavalli.VIC is part of Dico Group, which is a private investment vehicle of the Damac chairman."Vision Investment Company, part of the Dico Group, which is the private investment vehicle of Sajwani, has made the purchase. We will make further co...
Tags: Travel, Dubai, Roberto Cavalli, DAMAC Properties, Khaleej Times, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Sajwani, Roberto Cavalli VIC, Dico Group, Vision Investment Company, Niall McLoughlin


Damac May Invest Up to $1.3 Billion in London Properties - Bloomberg

Damac May Invest Up to $1.3 Billion in London Properties - Bloomberg:#Dubai’s Damac Properties PJSC plans to take advantage of the weak pound to invest as much as 1 billion pounds ($1.3 billion) in London’s real estate market.Chairman Hussain Sajwani said the Dubai-based property developer is looking at deals with values from 500 million pounds to 1 billion pounds in central London. Even if the U.K. left the European Union without a trade deal, which some analysts predict would result in sharp d...
Tags: Travel, London, Bloomberg, European Union, Davos, Dubai, World Economic Forum, U K, Bloomberg TV, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Sajwani, Damac Properties PJSC


Trump’s Billionaire Gulf Partner ‘Sympathetic’ on U.S. Trade War - Bloomberg

Trump’s Billionaire Gulf Partner ‘Sympathetic’ on U.S. Trade War - Bloomberg:Step aside, Kanye. Donald Trump’s latest supporter comes from the Middle East.Dubai-based billionaire Hussain Sajwani, who has golf course deals with the Trump Organization, understands why the U.S. president is taking a tough stance on trade with China. Free trade shouldn’t be a luxury, the 65-year-old developer said in an interview, while stressing that he’s mostly focused on his real estate business, Damac Properties...
Tags: Travel, Dubai, Trump, Trump Organization, Rupert Neil Bumfrey, Damac, middle east Dubai, Hussain Sajwani, Sajwani, Damac Properties PJSC, U S Trade War Bloomberg, Kanye Donald Trump, China Free, Bloomberg Billionaires Index Yet the U S


Donald Trump Jr., Dubai Business Partner Discuss 'New Ideas'

DUBAI, United Arab Emirates (AP) — Donald Trump Jr. traveled to Dubai and met a billionaire business partner in the city-state, discussing “new ideas” as the Emirati’s real estate firm still lists possible plans for future joint projects while Trump’s father is in the White House. The Trump Organization has said it won’t make new foreign deals while Donald Trump serves as America’s 45th president. That didn’t affect the Trump International Golf Club in Dubai’s opening in February , while a pre...
Tags: News, Instagram, Congress, Washington, White House, America, Ap, Dubai, Secret Service, Associated Press, Donald Trump, Uae, American University, Trump, Eric, DUBAI United Arab Emirates


Trump's Call To Turkey's Erdogan Highlights The Ethical Mess He's Brought To The White House

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Tags: New York, News, Washington, White House, India, America, Qatar, Turkey, Iran, United States, Philippines, Dubai, Argentina, Manhattan, Azerbaijan, Miami


Trump’s Dual Roles Collide With Openings in Dubai and Vancouver

Two new developments highlight the complications created when the president of the United States owns a sprawling real estate company.
Tags: News, United States, Dubai, Vancouver, Trump, Hussain, Trump Organization, United States Politics and Government, Donald J, Dubai (United Arab Emirates, Trump International Golf Club Dubai, Vancouver (British Columbia, Sajwani, Trump International Hotel & Tower Vancouver