Dubai’s DAMAC Properties has clarified its announcement that it has increased its stake in DAMAC International from 20 percent to 45 percent.

The developer told Dubai Financial Market (DFM) yesterday that DAMAC International indirectly owns 75 percent of the Nine Elms real estate project in London and is working on a resort project in the Maldives.

“The transaction falls under company business nature, and the value of the transaction (independently valued) is less than 5 percent of the company’s issued capital,” DAMAC Properties said in its statement.

(Writing by Seban Scaria; editing by Daniel Luiz)

(seban.scaria@refinitiv.com)

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