We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

Latest News

First property firm in Dubai to launch IPO since market crash


Damac Properties to raise $500 million.


November 5, 2013 5:42 by

As Damac Properties looks to broaden its investor base, the luxury developer has revealed its plans to raise approximately $500 million by selling global depositary receipts (GDRs) on the London Stock Exchange (LSE).

Each GDR, a certificate that represents a block of shares in a company, will be worth three ordinary shares in Damac.

A listing on the LSE would make Damac the first property firm from Dubai to conduct an IPO, since the market crashed in 2009. Citigroup and Deutsche Bank are advising the company on the float.

According to a statement, all shares in the issue will come from Hussain Sajwani, executive chairman and founder of Damac, who is selling part of his stake in the firm.

Commenting on the company’s announcement, Sajwani says that a GDR listing on the LSE is the next step in the firm’s evolution to take it to global markets and allow international investors to be part of the growth.

He adds: “We have created a strong platform and believe that we are well positioned to take advantage of the significant opportunities we see to further expand our proven business model in Dubai, as well as in other key markets in the Middle East region. The IPO represents a key stage in that process. ”

Damac Properties has recently been calling on banks in the UAE to allow international investors to purchase property in the market by providing a practical non-resident mortgage.

Managing director, Ziad El Chaar, told all banks in the UAE to “step up and support the market” by providing a non-resident mortgage to attract international investors, adding that banks are still “too timid”.


Tags: , , , , , , , , , ,

Leave a Comment