DAMAC planing IPO

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Damac Properties is planing to launch an initial public offering (IPO) of its shares.
The listing on the Dubai Financial Market (DFM) will be executed by early 2009, according Emirates Business.

The funds raised would be used to finance Damac‘s projects in Dubai and overseas with Deutsche Bank is lead advisor for the IPO, the paper said.

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Damac last week announced the launch of its new brand image and logo, which the company said intends to convey “luxury in a more unique context”.

Earlier this year the company has announced plans to deliver more than 2,300 units in 2008, followed by 7,100 in 2009-10.

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