Qatar’s Mannai Corporation has had its highs and lows in 60 years of doing business. But its audacious $445m bid for Dubai’s Damas is likely to be remembered as a milestone in its move to become a regional player.
While Dubai’s corporates were hit hard by the financial crisis, those in nearby Qatar have taken much less heat. In return, Doha boardrooms have been one of the first ports of call for Dubai companies trying to sell assets or raise funding. The trend is exemplified by Mannai’s play on Damas, the most high-profile Dubai move yet to be made by a Qatari company.
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