Dubai developer will reveal value of acquisitions once deal is completed
Leading Dubai developer Damac Properties is in talks with DICO Properties to acquire two plots of land in Al Sufouh and Business Bay, according to a statement on the Dubai Financial Market (DFM).
Damac will reveal the value of the transaction once it is completed, and will also share the deal’s impact on its income and profits.
The company had previously assigned its group financial officer to undertake negotiations.
Damac’s Q2 profit fell 87 percent amid declining revenue, having dropped to AED50.6 million ($13.78m), down from AED378.2m in the same period last year. The developer's revenue fell to AED971.1m, a drop of 45 percent.
"We remain financially robust, and with the UAE economy poised for growth in the coming years, we are looking forward to an upturn in the real estate sector,” Hussain Sajwani, chairman of Damac Properties, said last week.
He added that the company will continue to focus on deliveries this year.
Damac delivered 1,476 units in the first half of the year compared to 1,490 units during the same period last year. The handovers included the first for its largest master development Akoya, with nearly 315 units in the Claret cluster completed and in the process of being handed over to customers.
The company also completed two of its projects in Dubai, Ghalia and Tower 108.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.