Dubai – Mubasher: The board of DAMAC Properties has approved to increase the company's ownership of the outstanding share capital of Nine Elms in London from 20% indirect ownership to 40% total ownership.

During its meeting, the board has also appointed a new board member in place of the resigning member, according to the company's disclosure to the Dubai Financial Market (DFM) on Wednesday.

Noteworthy to mention, on Sunday, 20 December, the company announced the potential acquisition that will be considered by the board is related to rising the company's current shareholding in the Nine Elms project in London.