Announced
Financials
Sources
Tags
Friendly
property development
Domestic
Single Bidder
Privatisation
United Arab Emirates
Real Estate
Real Estate Holding and Development
Acquisition
Pending
Majority
Public
Synopsis
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.
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