Dubai property developer Damac soars as board weighs deal

Dubai

DUBAI'S Damac Properties PJSC surged to a two-year high on Sunday after saying its board will consider an acquisition within days.

The Dubai-based property developer did not provide further information in a regulatory filing, but said its board will meet on Dec 23.

Its shares climbed as much as 14.3 per cent, the most in two months, to their highest levels since December 2018. About 19 million shares changed hands, more than four times the 30-day average for the same time of the session.

Home prices in Dubai, the Middle East's main business and financial hub, have slumped by more than 30 per cent since 2014.

The oversupply was exacerbated by the pandemic, as demand from foreign and local investors dropped. Still, Damac's stock has doubled over the past year, with the shares up more than 40 per cent this month alone. BLOOMBERG

A NEWSLETTER FOR YOU

Tuesday, 12 pm

Property Insights

Get an exclusive analysis of real estate and property news in Singapore and beyond.

Sign Up