Dubai developer eyeing shares sale - report

DAMAC PROJECT: An artist's impression of Emirates Gardens, one of the company's current developments.

Damac Properties is reportedly preparing to launch an initial public offering (IPO) of its shares.

The developer is planning to list on the Dubai Financial Market (DFM) by early 2009, Emirates Business reported on Monday.

The funds raised would be used to finance Damac's projects in Dubai and overseas with Deutsche Bank is lead advisor for the IPO, the paper said.

A spokesman at Damac Holding would not confirm or deny whether an IPO is in the works, saying that any claims of a Damac Properties listing were "purely market speculation".

Damac last week announced the launch of its new brand image and logo, which the company said intends to convey "luxury in a more unique context".

The company has announced plans to deliver more than 2,300 units in 2008, followed by 7,100 in 2009-10.

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