Dubai real-estate firm DAMAC approved to take firm private

KIFI

Published September 23, 2021 3:19 AM

DUBAI, United Arab Emirates (AP) — A Dubai real-estate company known for its deals with former President Donald Trump says it has received regulator approval for an effort to take the firm private. DAMAC Properties still plans to offer $595 million for outstanding shares of the company, the firm said in a filing on Dubai Financial Market stock exchange. It said it would offer an update on the plan in the coming weeks. It earlier announced plans in June for the offer to take the company private, then withdrew them as regulators examined the plan. DAMAC’s billionaire founder Hussain Sajwani already owns nearly four-fifths of the company through various investment firms.

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