Dubai – Mubasher: Damac Properties on Tuesday denied plans to invest $1.3 billion in London’s real estate market.

The real estate company confirmed that the article published in Al Bayan newspaper was not directly quoted from Damac, according to a statement to the Dubai Financial Market (DFM).

It added that Hussain Sajwani, chairman of Damac, was interviewed by Bloomberg on his investment plans as an international investor and not as the chairman of the company.

“There have been no suggestions made to the board of directors to invest into the UK real estate market,” the statement highlighted.

The Dubai-based real estate giant’s chairman said last Wednesday that Damac Properties was looking to invest more than GBP 1 billion ($1.3 billion) in London’s real estate market as weaker sterling makes the European city cheaper.

During the first nine months of 2019, Damac, the owner and operator of the only Trump-branded golf club in the Middle East, reported a profit of AED 1.092 billion, down from AED 2.304 billion a year earlier.

By 10:40 am UAE time, DAMAC’s stock fell 1.56% at AED 1.26.