Maple Invest, an investment vehicle controlled by an Emirati billionaire Hussain Sajwani, agreed to acquire DAMAC Properties, a property development company, for $255m. The all-cash offer comes amid a years-long slump in Dubai's once hot property market, a decline exacerbated by the economic hit from the Covid-19 pandemic. Maple Invest intends to increase the holding to at least 90% plus one so it can exercise its right to buy out the remaining minority shareholders.