Damac plans IPO within three years

Damac plans IPO within three years

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UAE property developer, Damac Holding, said it will definitely transform itself into a publicly listed company over the next three years. The company also expects to see the total number of its projects to rise from dhs15 billion, today, to a whopping dhs 50 billion by 2009. This is the first time Damac has publicly commented on its financials.

Speaking exclusively to 7DAYS, Damac chairman, Hussein Sajwani, said the company hoped to list on a Dubai exchange.“In the coming three years we definitely want to go public and get listed. We want to continue to be a premiere, high-end, quality product provider to our customers,” he said.

Sajwani effectively ruled-out any chance of listing the firm on the fledgling Dubai International Financial Exchange (DIFX), despite the fact the firm has embarked on an international level expansion plan. “I favour listing on a Dubai market,” he said. “Dubai Financial Market would be my favourite choice, but of course we are waiting for some of the rules and regulations to be amended, which are in the pipeline.”

Damac recently announced projects in Qatar and Abu Dhabi and will formally announce a development in a key area of Beirut in front of the Venezia Hotel. It also hopes to launch a project in Amman, Jordan by August. “We have been surveying markets as far as China and as far as Morocco,” Sajwani said.

“We hope to be in about 12 countries over the next three years, although our plans are for mainly the Middle East or places three or four hours flying distance.”