Hussein Sajwani, president of Damac Properties, is considering buying the holdings of minority shareholders and making them a private company.
According to Reuters, sources said that Hussain Sajwani, who founded the company nearly 20 years ago, has been studying the deal since late 2019 after the share price of Damac fell over the past two years. .
Damac owns the only Trump brand-branded golf club in the Middle East, valued at $ 1.1 billion and listed on the Dubai Stock Exchange.
Refinitiv's data indicates that Sajwani, who bought through his private investment company last year, the Italian fashion house Roberto Cavalli, currently owns a 72.2 percent stake in Damac. p>
The same source added that Sajwani is in talks with banks to finance the deal.
DAMAC did not reply to requests for comment sent by email.
The share price of the real estate developer, which has most of its activity concentrated in Dubai but also has assets in Saudi Arabia, the United States and other places, fell by about 80 percent to 0.69 dirhams only. ($ 0.19) since the beginning of 2018 in light of the continuous decline in the Dubai real estate market.
Last year, it recorded its first annual loss since 2010, and two consecutive quarterly losses this year.
In 2013, Damac listed international certificates of deposit in London at $ 12.25 each, putting the company's valuation at $ 2.65 billion. The shares were listed on the Dubai Stock Exchange two years later.
