Dubai property group Damac looks to London for flotation

A PROPERTY group based in Dubai is set to become the latest firm to tap London’s improving flotation market with an initial public offering (IPO).

Damac Properties, which develops luxury sites in the oil-rich United Arab Emirates, as well as elsewhere in the Middle East and Africa, is set to raise tens of millions of pounds with a listing, Sky News reported last night.

The company is said to have appointed Deutsche Bank to advise on the float, with PR group FTI Consulting also working on a deal, although plans are at an early stage and could yet die down. Deutsche did not comment on plans last night, while Damac and FTI were unavailable for comment.

Damac, which was founded 11 years ago, has cashed in on the Middle East’s growing economies, and yesterday announced plans for its biggest project to date, a 28m square foot development in Dubai with an 18-hole golf course, international schools and boutique hotels.

London’s IPO market has shown signs of a revival this year, with property firm Crest Nicholson one example of a successful float.