Damac’s stock rises 1.83% early Sunday

Dubai – Mubasher: Damac properties’ stock, listed on the Dubai Financial Market (DFM), rose marginally following the company’s clarification regarding the acquisition of two land plots in Al Sufouh and Business Bay areas in Dubai.

By 10:56 am UAE time, the stock added 0.02 points, or 1.83%, to AED 0.93 after seeing a trading volume of 3.053 million shares that were exchanged at a turnover of AED 2.871 million through 16 transactions.

Earlier this day, Damac announced that negotiations regarding the acquisition of two plots of lands in Al Sufouh and Business Bay areas in Dubai offered by DICO Properties Co LLC have not been finalised yet.

Moreover, the company will announce the value of the transaction once completed and its impact on the company’s financial status in terms of income and profits.

It is worth noting that Damac Properties had reported a net profit of AED 82 million for the six-month period ended 30 June 2019.

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