Unauthorised transactions valued at US$165 million (Dh606m) that led the chief executive of Damas International to resign this month included about 50 investments in a wide range of property projects, hospitals and regional companies.
The Middle East’s largest jewellery chain took stakes in the Bupa Cromwell Hospital in London, a shopping mall in Turkey and the Meydan City horse-racing-themed project on the outskirts of Dubai, according to a source familiar with the matter.
One of the largest deals involved the construction of twin 49-storey towers, called Angsana Hotel and Suites, on Sheikh Zayed Road. Most of the funds were spent on deals involving property transactions, but some cash was spent on other investments, including acquiring shares in Villa Moda, the Kuwaiti luxury retail chain.
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