DUBAI: Emirati property tycoon Hussain Sajwani has made a 935.4 million dirham ($255 million) offer to buy out minority shareholders in DAMAC Properties, which he has run for nearly two decades.
The all cash offer for DAMAC comes amid a years-long slump in Dubai’s once hot property market, which has been exacerbated by the pandemic that hit the local economy hard last year.
DAMAC is best-known for building the Middle East’s only Trump-brand golf course, which opened in Dubai in 2017 while Donald Trump was US President.
Sajwani, who resigned as chairman and from the board, has made the offer through investment vehicle Maple Invest Co, which said he directly and indirectly controls 88.106 percent of DAMAC.
Maple Invest Co. intends to increase the holding to at least 90 percent plus 1 so that it could exercise its right to buy out the remaining minority shareholders, it said in a statement.
DAMAC, listed in Dubai since 2015, would then be delisted.
Maple said it was offering to buy out minority shareholders for 1.3 dirham per share, the same as Tuesday’s closing price and giving a total value of the offer of 935.4 million dirhams .
The deal values DAMAC at $2.1 billion, at par with its market value on Tuesday.
DAMAC shares were down 1.54 percent at 1.28 dirhams in late morning trade, below the buyout offer price.
Reuters reported last year that Sajwani was weighing buying out minority shareholders and taking the company private, sending shares up 11 percent.
DAMAC shares are down 1.44 percent year-to-date, while shares of Emaar Properties, Dubai’s largest listed developer, are up nearly 14 percent.
Since Sajwani set up DAMAC in 2002, it has built 33,000 homes and has another 33,000 under construction, its website says.
DAMAC’s core business is property development in Dubai but it has also launched projects elsewhere in the Middle East and is building the Nine Elms tower in London.
But Dubai’s property sector has weakened for most of the past decade, hurt by oversupply in a market that is largely dependent on foreign investors.
DAMAC posted consecutive annual losses in 2019 and 2020 with Sajwani warning last year of difficult years ahead.
DAMAC’s remaining board directors will meet on June 13 to appoint an independent committee to review the offer, according to a regulatory filing.
DAMAC founder makes $255m take private bid
https://arab.news/rsyuk
DAMAC founder makes $255m take private bid
- The all cash offer for DAMAC comes amid a years-long slump in Dubai’s once hot property market
- DAMAC’s core business is property development in Dubai but it has also launched projects elsewhere in the Middle East
Closing Bell: Saudi main index rises to 10,894
RIYADH: Saudi Arabia’s Tadawul All Share Index extended its upward trend for a third consecutive day this week, gaining 148.18 points, or 1.38 percent, to close at 10,893.63 on Tuesday.
The total trading turnover of the benchmark index stood at SR6.05 billion ($1.61 billion), with 144 listed stocks advancing and 107 declining.
The Kingdom’s parallel market Nomu also rose by 81.35 points to close at 23,668.29.
The MSCI Tadawul Index edged up 1.71 percent to 1,460.89.
The best-performing stock on the main market was Zahrat Al Waha for Trading Co., with its share price advancing 10 percent to SR2.75.
Shares of CHUBB Arabia Cooperative Insurance Co. increased 8.27 percent to SR23.04, while Abdullah Saad Mohammed Abo Moati for Bookstores Co. saw its stock climb 6.17 percent to SR50.60.
Conversely, the share price of Naseej International Trading Co. declined 9.90 percent to SR31.48.
On the announcements front, Arabian Drilling Co. said it secured three contract extensions for land rigs with energy giant Saudi Aramco, totaling SR1.4 billion and adding 25 active rig years to its backlog.
In a Tadawul statement, the company said one rig is currently operational, the second will begin operations by the end of January, and the third — currently suspended — is expected to resume operations in 2026.
Since November 2025, Arabian Drilling has secured seven contract extensions amounting to SR3.4 billion, representing 55 committed rig years.
The three contracts have durations of 10 years, 10 years, and five years, respectively.
“Securing a total of SR1.4 billion in new contracts and expanding our backlog by 25 rig-years demonstrates both the trust our clients place in us and our ability to consistently deliver quality and reliability,” said Ghassan Mirdad, CEO of Arabian Drilling, in a statement.
Shares of Arabian Drilling Co. rose 3.15 percent to SR104.70.
Separately, Alkhorayef Water and Power Technologies Co. said it signed a 36-month contract valued at SR43.35 million with National Water Co. to operate and maintain water networks, pumping stations, wells, reservoirs, and related facilities in Tabuk.
In October, Alkhorayef Water and Power Technologies Co. announced it had been awarded the contract by NWC.
In a Tadawul statement, the company said the financial impact of the deal began in the fourth quarter of 2025.
The share price of Alkhorayef Water and Power Technologies Co. declined 0.49 percent to SR120.70.
