STOCK DAMAC Park Towers in Dubai.
Damac late last year ventured back into offplan developments, including the Cavalli tower project at Dubai Marina. This year will be a busy one as Damac completes and hands over more of its ongoing projects. Image Credit: Ahmed Ramzan/Gulf News

Dubai: The final step in the re-conversion of Damac Properties into a privately held company will be taken today.

Shareholders will meet for a general assembly called to formally make the switch from being a DFM-listed entity. The meeting will be held at the developer’s headquarters, Damac Executive Heights, or can be joined in through Zoom.

On the agenda are special resolutions approving the conversion of the ‘legal form of the company from a public joint stock company to a private’, and authorising the chairman to sign all necessary documents. The meeting will also approve the de-listing of the shares from the Dubai Financial Market.

Thus, Damac’s founder Hussain Sajwani and his associated entities/individuals will have 100 per cent control of the company. It was last year that Sajwani, through his investment vehicle Maple, made the bid to acquire all of the Damac stock that was not held by him or associated entities.

The Damac transition comes at a time when Dubai’s property market is coming off a record year and trends from the first two months suggest that the buying momentum is still quite intact. Ongoing global happenings too could push up property investments in Dubai.