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Damac to list on DFM

31.07.2014
Damac to list on DFM
The Dubai stock market is set to receive a boost with luxury property developer Damac announcing that it will soon list on the Dubai Financial Market. The UAE stock market may have been going through some hurdles but now luxury property developer Damac is to list shares on the Dubai Financial Market, The National newspaper reported.
The listing will put Damac in the top 10 of UAE listed companies, with a market capitalisation of about US$3.5 billion, and will give regional retail investors the opportunity to participate in one of the UAE’s most successful companies.
Damac announced yesterday that it was offering investors the opportunity to convert its global depository receipts (GDRs), currently listed on the London Stock Exchange, into ordinary equity and list them on the Dubai market. The move sparked a 5.9% jump in the value of the London stock, to nearly $16.05 per GDR. They were floated in December in London at $12.25 each.
Hussain Sajwani, the founder and executive chairman of Damac, will continue to own about 85 per cent of the company.
“Those investors who choose not to participate in the offer will continue to hold their GDRs, which will remain traded on the LSE. However, the board of Damac and I strongly encourage eligible holders to accept the offer by tendering all of their GDRs in exchange for Damac Shares. We now look forward to joining other prominent Dubai companies on the DFM as we continue to work hard to create value for our investors.”.
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RENT
125,000 / year
Ref.No: OF1209
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1,655 ft2
76 AED/ft2
RENT
58,500 / year
Ref.No: OF662
Office
1,300 ft2
45 AED/ft2
SALE
6,800,000
Ref.No: AP1113
3BR Apt
3,003 ft2
2,264 AED/ft2
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Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

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Ad placement

1 day

Ad placement:
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Signing of the lease agreement

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Signing of the lease agreement
Expenses of the seller:

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Lease process (Rent)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.
Real estate search.

Up to 5 days

Real estate search.

Selection of optimal options.

Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

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Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Property Selection

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Customer charges:
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  • 4% - registration of the transaction at registration
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Property management

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Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
Contract of the owner and agency

1 hour

Contract of the owner and agency
Rendering of management services

1 year

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1 day

Reporting
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5% of the annual rental price

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1 hour

Contract of the tenant and agency.
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From 3 days

Selection of optimal investment options
Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Expenses of the investor:
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  • 0% when investing in a new building
  • 4% - registration
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