Damac Properties narrowed its 2021 net loss amid the launch of new projects including Damac Lagoons. Pawan Singh/The National
Damac Properties narrowed its 2021 net loss amid the launch of new projects including Damac Lagoons. Pawan Singh/The National
Damac Properties narrowed its 2021 net loss amid the launch of new projects including Damac Lagoons. Pawan Singh/The National
Damac Properties narrowed its 2021 net loss amid the launch of new projects including Damac Lagoons. Pawan Singh/The National

Damac Properties to stop trading on DFM from February 15 amid continued losses


Sarmad Khan
  • English
  • Arabic

Shares of property developer Damac Properties will stop trading on the Dubai Financial Market from February 15 after a notice period to take the company fully private ended on Monday.

Maple Invest, a vehicle fully-owned by Damac’s founder Hussain Sajwani, submitted a notice in December for the mandatory acquisition of all its shares and the period specified for objections from current shareholders has expired, the developer said in a statement to the DFM.

“As of today … neither Damac nor Maple has received any objection to the mandatory acquisition."

“Damac will instruct the DFM to suspend trading of its shares with effect from Tuesday, February 15, 2022 and all remaining Damac shares (not already held by Maple) will be re-registered in the name of Maple in Damac’s share register as of February 20," it said.

Maple submitted the offer to take the company private by acquiring its entire issued and paid-up ordinary share capital in October, after Damac's board unanimously recommended its minority shareholders accept the founder's offer.

Mr Sajwani, who owns 72 per cent of the Dubai company, said in June that he would buy the remaining shares of Damac for Dh1.3 per share for a total consideration of $595 million.

The move comes as the developer struggles to remain profitable amid tougher property market conditions during the pandemic-induced slowdown and preceding softness on the back of lower oil prices.

On Monday, the company said it narrowed its net loss for the 2021 financial year to Dh531m ($144.6m) from Dh646m recorded a year earlier.

Total revenue for the reporting period fell to Dh3 billion from Dh4.7bn reported at the end of 2020, it said in a separate regulatory filing.

Booked sales performance, however, improved at the end of 2021 to Dh7.8bn against Dh2.3bn it reported in 2020, as the company launched new development projects such as Cavalli Tower, a 70-storey skyscraper overlooking Palm Jumeirah and a new master community development Damac Lagoons.

UAE currency: the story behind the money in your pockets
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THE BIO

Bio Box

Role Model: Sheikh Zayed, God bless his soul

Favorite book: Zayed Biography of the leader

Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet

Favorite food: seafood

Favorite place to travel: Lebanon

Favorite movie: Braveheart

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Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

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Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

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Manikarnika: The Queen of Jhansi

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Producer: Zee Studios, Kamal Jain

Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni

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UAE currency: the story behind the money in your pockets
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Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

NYBL PROFILE

Company name: Nybl 

Date started: November 2018

Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono

Based: Dubai, UAE

Sector: Software Technology / Artificial Intelligence

Initial investment: $500,000

Funding round: Series B (raising $5m)

Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up 

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Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

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The biog

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From: Gujranwala, Pakistan

Arrived in the UAE: 1976

Favourite clothes to make: Suit

Cost of a hand-made suit: From Dh550

 

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Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor

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Find the right policy for you

Don’t wait until the week you fly to sign up for insurance – get it when you book your trip. Insurance covers you for cancellation and anything else that can go wrong before you leave.

Some insurers, such as World Nomads, allow you to book once you are travelling – but, as Mr Mohammed found out, pre-existing medical conditions are not covered.

Check your credit card before booking insurance to see if you have any travel insurance as a benefit – most UAE banks, such as Emirates NBD, First Abu Dhabi Bank and Abu Dhabi Islamic Bank, have cards that throw in insurance as part of their package. But read the fine print – they may only cover emergencies while you’re travelling, not cancellation before a trip.

Pre-existing medical conditions such as a heart condition, diabetes, epilepsy and even asthma may not be included as standard. Again, check the terms, exclusions and limitations of any insurance carefully.

If you want trip cancellation or curtailment, baggage loss or delay covered, you may need a higher-grade plan, says Ambareen Musa of Souqalmal.com. Decide how much coverage you need for emergency medical expenses or personal liability. Premium insurance packages give up to $1 million (Dh3.7m) in each category, Ms Musa adds.

Don’t wait for days to call your insurer if you need to make a claim. You may be required to notify them within 72 hours. Gather together all receipts, emails and reports to prove that you paid for something, that you didn’t use it and that you did not get reimbursed.

Finally, consider optional extras you may need, says Sarah Pickford of Travel Counsellors, such as a winter sports holiday. Also ensure all individuals can travel independently on that cover, she adds. And remember: “Cheap isn’t necessarily best.”

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Updated: February 14, 2022, 4:50 PM`