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DUBAI: Dubai shares led regional gains on Sunday after the emirate announced a 20-year development plan that will see hotel capacity surge.
The Dubai Financial market was 1 percent higher in early trade amid a mixed performance across other bourses in the region.
Emaar Properties advanced 1.7 percent as investor attention turned toward the real estate and hospitality sector following the publication of its 2040 Urban Masterplan.
The plan has a heavy emphasis on the hospitality sector with the space allocated to hotels more than doubling and beach front increasing by some 400 percent.
.@HHShkMohd launches #Dubai 2040 Urban Master Plan. The #Dubai2040 plan aims to realise His Highness’s vision to make Dubai the world’s best city to live. pic.twitter.com/6y9bHs6kyt
Damac wins approval to boost stake in international unit
DUBAI, 29 days ago Dubai-based developer Damac Properties said it has won approval from the company s board of directors to boost its stake in the group s key international subsidiary, Damac International. The Emirati company operates internationally providing residential, commercial and leisure properties and has presence in the Saudi Arabia, Qatar, Jordan, Lebanon, Oman and the UK. Damac was the first UAE developer to list on the London Stock Exchange. Following the go-ahead from the company s board, Damac will increase its stake in Damac International to 45 per cent from the present 20 per cent, said the company in its filing to Dubai Financial Market.
Emaar Properties is set to take over its malls unit amid the ongoing crisis due to Covid-19. The developer, which already owns 85 per cent of Emaar Malls, has proposed 0.51 share for each share, valuing the business at AED24 billion ($6.5 billion).