UAE billionaire Hussain Sajwani, family still own over 85% of firm, DAMAC clarifies | ZAWYA MENA Edition
Dubai’s real estate developer DAMAC Properties clarified on Wednesday that only a small portion of the company’s shares are owned by foreign investors and that the majority ownership, approximately 85%, is still controlled by the founder, Emirati billionaire Hussain Sajwani and his family.
It was reported last week that more than a third (33.82 percent) of the company, representing a little over two billion shares, are owned by “foreign investors”.
In a statement to the Dubai Financial Market (DFM) on Wednesday, the developer said foreigners hold only three percent of all company shares, while the biggest chunk of the shares, around 72 percent, still belong to Sajwani.
“The company wishes to clarify that… 72.2 percent of total company shares are held by founder and chairman Hussain Sajwani (18 percent are held by him through companies registered in foreign jurisdictions, and the balance 54 percent are held onshore),” DAMAC said.
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