London Stock Exchange welcomes Damac Real Estate Development Ltd.
London Stock Exchange formally welcomed Damac Real Estate Development Limited to its markets today. The Dubai-based group, one of the leading property developers in the Gulf region, raised $400m by issuing Global Depository Receipts (GDRs), valuing the company at $2.65bn and making it one of the largest international IPOs in London this year.
To celebrate the occasion, Mr. Hussain Sajwani, Executive Chairman and Chief Executive Officer, Damac joined Alexander Justham, London Stock Exchange CEO, to open trading in London this morning.
Ibukun Adebayo, Head of Primary Markets, Middle East & Africa London Stock Exchange Group said:
“As a London-listed company, Damac will gain access to the world’s most international market as well as an unrivalled source of deep liquidity and new investors. This listing underlines London’s unmatched ability to finance the development of ambitious, growth-focussed companies from the Gulf”
Commenting on today’s announcement, Hussain Sajwani, Executive Chairman and Chief Executive Officer of DAMAC, said: “We are proud to have successfully completed our IPO and are delighted with the strong investor interest in the DAMAC story. We have built our business on a commitment to delivery for our customers. As we welcome our new shareholders on board we look forward to extending this commitment to delivering sustainable, long term value to these shareholders as we continue to execute on our growth strategy.”
Damac Real Estate Development Ltd. will be the first UAE property company to list in London. It will also be the second company from the region to list in London within the last 5 months. Abu Dhabi’s Al Noor Hospital Group listed on the Main Market in June 2013, raising £221m. 42 MENA companies are listed on London Stock Exchange with a total market capitalisation of £92 billion. In the last ten years, companies in the region have raised close to £6 billion in London.