The US$165 million (Dh606.04m) in “unauthorised transactions” undertaken at Damas International included about 50 investments in a wide range of property projects, hospitals and regional companies. Nearly 70 per cent of the investments were in the property sector, with about 90 per cent of those transactions taking place in the UAE.
These included:
Land in Meydan City, an expansive horse racing-themed project on the outskirts of Dubai that includes a 1.6km racecourse, as well as planned office and apartment buildings.
Investment in the development of the Angsana Hotel & Suites, a pair of 49-storey towers on Sheikh Zayed Road. Damas Hotels announced last year that it had cancelled its contract with Angsana to manage the hotel and would convert the buildings into residential apartments.
Shares of Villa Moda, a Kuwait-based luxury retail chain that was founded by Sheikh Majed Al Sabah. The company’s stores are in Bahrain, Dubai, Kuwait, Qatar and Syria, and feature high-end clothing and accessories from the likes of Gucci, Bottega Veneta and Prada.
A stake in the Bupa Cromwell Hospital, a private hospital in the South Kensington area of London, and a shopping mall in Turkey.
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