Dubai real estate company DAMAC cleared to privatize its company

DUBAI, United Arab Emirates (AP) – A Dubai real estate company known for its deals with former President Donald Trump said on Thursday it received regulatory approval to attempt to privatize the company.

DAMAC Properties still plans to offer $ 595 million for the company’s outstanding shares, the company said in a filing on the Dubai Financial Market.

He said he would offer an update on the plan in the coming weeks. He previously announced plans for the offer to privatize the company in June, then withdrew them as regulators reviewed the plan.

The takeover would be through Maple Invest Co. Ltd., a holding company of the billionaire founder of DAMAC, Hussain Sajwani. Sajwani owns almost four-fifths of the company through various investment firms.

DAMAC stock traded Thursday up more than 3% on the news. The company has a market capitalization of over $ 2 billion.

DAMAC is known in Dubai for a development that includes a Trump-branded golf club surrounded by villas and apartments, making it the only one of its kind in the Middle East to carry the Trump logo.

The company’s partnership with the Trump Organization to manage and operate the golf course was entered into prior to Trump’s election as President of the United States.

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