Dubai – Mubasher: Damac Properties has no plan to offer the shares of its hospitality arm, DAMAC Maison, on the UAE markets, chairman Hussain Sajwani said.

The UAE-based developer’s management does not consider selling any stakes in the parent company as well, Sajwani added.

Damac was awarded the $1 billion Mina Sultan Qaboos Waterfront, Sajwani revealed, noting that the company is targeting new markets in Europe, especially the UK and Germany, and the US.

Damac reported a 46.7% year-on-year decline in profits in the fourth quarter of 2017, registering AED 455.3 million ($123.93 million).