Dubai billionaire to sell 15 percent Damac stake
DUBAI - Hussein Sajwani, the Dubai billionaire with links to US President Donald Trump, said Wednesday he was ready to sell 15 percent of his stake at real estate giant Damac Properties.
Established by Sajwani in 2002, Damac has become one of the leading real estate players in the Middle East and is known for its luxury developments.
The firm built the Trump International Golf Club, which was inaugurated in Dubai in February 2017 -- a month after Trump became president.
Sajwani, who owns 72 percent of Damac, is estimated to have a fortune of up to $5.2 billion dollars (4.25 billion euros).
In a bid to boost trading in the firm's shares he said in an interview with Bloomberg that he was "more than happy" to sell part of his stake.
"The intention is there," for the sale but only at the right price, he said.
Damac was first listed on Dubai Financial Market three years ago.
Sajwani insisted the company's share price remains undervalued despite having increased by 27 percent in 2017. Currently a 15 percent stake would be worth some $850 million.
The real estate tycoon said he is also eyeing expansion into markets beyond the UAE.
"I think the Dubai market still has a long way to go. Yes, it has matured, and I don't expect the market or the company ... sales to grow like before -- 100 percent or 200 percent," Sajwani said.
The company also has operations in Saudi Arabia, Jordan, Lebanon, Qatar and UK.