United Arab Emirates – Mubasher: The UAE’s Securities and Commodities Authority (SCA) has announced its approval for the listing of DAMAC Properties on the Dubai Financial Market (DFM) under local companies, in preparation for its listing on UAE markets.

SCA affirmed that the number of joint-stock companies registered with it will accordingly rise to 124 companies, of which 110 are local firms and 14 are foreign ones.

Worth noting, as at the end of 2013, DAMAC Properties became the first real estate developer from Dubai to list its stock on the London Stock Exchange (LSE). In July, DAMAC gave investors the option to exchange their LSE global depository receipts (GDRs) to ordinary shares to be listed on the DFM.

Established in 2002, DAMAC Properties has delivered almost 12,000 units to date and currently has a development portfolio of over 39,000 units at various stages of progress and planning as of September 30th 2014.