Damac Properties
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DAMAC Plans IPO; Citi and Deutsche to Manage the Offering

DAMAC Plans IPO; Citi and Deutsche to Manage the OfferingDAMAC Properties has selected Deutsche Bank and Citigroup to manage the initial public offer of the Dubai based real estate developer. The real estate major plans to increase its market share in Dubai by raising funds from stock market.

AED 1 Billion Contract awarded by DAMAC Properties

AED 1 Billion Contract awarded by DAMAC PropertiesDAMAC Properties has awarded contract to TAV Tepe Akfen Investment construction for DAMAC Towers by Paramount. The contract valued at AED 1 billion involves construction of services residences in Burj Area. The company will also construct luxury hotel in a period of 33 months.

Damac sells 60% stake in New Cairo projects to HDB

Damac sells 60% stake in New Cairo projects to HDB

Damac Properties has announced that it has divested 60% stake in its New Cairo projects to Egypt's Housing and Development Bank (HDB).

The sources said that Damac at present is having  Hyde Park, Park Avenue and Centre Ville projects in New Cairo. Last week the Dubai-based developer has given a construction contract to Egyptian Union for Construction (El Hazek) for 275 villas within Hyde Park.

Meanwhile, HDB and two other firms have secured Egyptian Government sanction to purchase 60 per cent of Damac's Egypt unit.

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