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
First EU–Saudi roundtable on critical raw materials reflects shared policy commitment
RIYADH: The EU–Saudi Arabia Business and Investment Dialogue on Advancing Critical Raw Materials Value Chains, held in Riyadh as part of the Future Minerals Forum, brought together senior policymakers, industry leaders, and investors to advance strategic cooperation across critical raw materials value chains.
Organized under a Team Europe approach by the EU–GCC Cooperation on Green Transition Project, in coordination with the EU Delegation to Saudi Arabia, the European Chamber of Commerce in the Kingdom and in close cooperation with FMF, the dialogue provided a high-level platform to explore European actions under the EU Critical Raw Materials Act and ResourceEU alongside the Kingdom’s aspirations for minerals, industrial, and investment priorities.
This is in line with Saudi Vision 2030 and broader regional ambitions across the GCC, MENA, and Africa.
ResourceEU is the EU’s new strategic action plan, launched in late 2025, to secure a reliable supply of critical raw materials like lithium, rare earths, and cobalt, reducing dependency on single suppliers, such as China, by boosting domestic extraction, processing, recycling, stockpiling, and strategic partnerships with resource-rich nations.
The first ever EU–Saudi roundtable on critical raw materials was opened by the bloc’s Ambassador to the Kingdom, Christophe Farnaud, together with Saudi Deputy Minister for Mining Development Turki Al-Babtain, turning policy alignment into concrete cooperation.
Farnaud underlined the central role of international cooperation in the implementation of the EU’s critical raw materials policy framework.
“As the European Union advances the implementation of its Critical Raw Materials policy, international cooperation is indispensable to building secure, diversified, and sustainable value chains. Saudi Arabia is a key partner in this effort. This dialogue reflects our shared commitment to translate policy alignment into concrete business and investment cooperation that supports the green and digital transitions,” said the ambassador.
Discussions focused on strengthening resilient, diversified, and responsible CRM supply chains that are essential to the green and digital transitions.
Participants explored concrete opportunities for EU–Saudi cooperation across the full value chain, including exploration, mining, and processing and refining, as well as recycling, downstream manufacturing, and the mobilization of private investment and sustainable finance, underpinned by high environmental, social, and governance standards.
From the Saudi side, the dialogue was framed as a key contribution to the Kingdom’s industrial transformation and long-term economic diversification agenda under Vision 2030, with a strong focus on responsible resource development and global market integration.
“Developing globally competitive mineral hubs and sustainable value chains is a central pillar of Saudi Vision 2030 and the Kingdom’s industrial transformation. Our engagement with the European Union through this dialogue to strengthen upstream and downstream integration, attract high-quality investment, and advance responsible mining and processing. Enhanced cooperation with the EU, capitalizing on the demand dynamics of the EU Critical Raw Materials Act, will be key to delivering long-term value for both sides,” said Al-Babtain.
Valere Moutarlier, deputy director-general for European industry decarbonization, and directorate-general for the internal market, industry, entrepreneurship and SMEs at European Commission, said the EU Critical Raw Materials Act and ResourceEU provided a clear framework to strengthen Europe’s resilience while deepening its cooperation with international partners.
“Cooperation with Saudi Arabia is essential to advancing secure, sustainable, and diversified critical raw materials value chains. Dialogues such as this play a key role in translating policy ambitions into concrete industrial and investment cooperation,” she added.
