Dubai – Mubasher: DAMAC Properties said that foreign investors own 3% of the company’s shares, denying media reports claiming that 33.7% of its shares are owned by foreigners.

The company affirmed the data showing on the website of the Dubai Financial Market (DFM) that 72.22% of the company’s shares are held by the Founder and Chairman Hussain Sajwani, according to a bourse disclosure on Wednesday.

Sajwani owns 18% of DAMAC Properties through companies registered in foreign jurisdictions and 54% through local companies.

In addition, about 13% of total shares in the real estate giant are owned held through companies in foreign jurisdictions owned by Sajwani family members.

In total, about 34% of the company’s shares are owned by companies in foreign jurisdictions: 31% are owned by UAE nationals and 3% are owned by foreign investors.

During the first nine months of 2020, DAMAC Properties incurred net losses of AED 931 million, versus net profits of AED 133 million in the year-ago period