Damac denies rumors
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Hurriyet Daily News
Oluşturulma Tarihi: Aralık 15, 2008 00:00
ISTANBUL - Damac Properties, the biggest privately owned real-estate developer in the Middle East, said Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum has not bought a 40 percent stake in the company in response to an article in the daily newpaper Vatan stating otherwise.
Damac has not sold any shares to anyone, Niall McLoughlin, vice president of the company’s corporate communications department, said in an e-mailed statement on Friday. "We are focused on delivery and completion of our current projects prioritizing and safeguarding our customer’s interest."
Vatan newspaper reported that Al-Maktoum had bought the stake in Damac and that the company plans to build a $6 billion residential project in the Turkish resort of Bodrum including a complex of hotels, residences, a shopping mall and a marina on a 1.5 million square meter (16.2 million square feet) site. "Dubai's Sheikh al-Maktoum will gain a right in the project by buying 40 percent in the group," Cenk Fis Unlucerci, an official at Debba, a subsidiary of Damac Properties in Turkey was quoted as saying in Thursday's Vatan, which was denied by the email statement from McLoughlin on Friday.
In 2007 Dubai Holding's property unit Sama Dubai made a winning bid of $705 million in a tender competition for key land in Istanbul's thriving business centre, but the project has been delayed by a court challenge.
Vatan newspaper reported that Al-Maktoum had bought the stake in Damac and that the company plans to build a $6 billion residential project in the Turkish resort of Bodrum including a complex of hotels, residences, a shopping mall and a marina on a 1.5 million square meter (16.2 million square feet) site. "Dubai's Sheikh al-Maktoum will gain a right in the project by buying 40 percent in the group," Cenk Fis Unlucerci, an official at Debba, a subsidiary of Damac Properties in Turkey was quoted as saying in Thursday's Vatan, which was denied by the email statement from McLoughlin on Friday.
In 2007 Dubai Holding's property unit Sama Dubai made a winning bid of $705 million in a tender competition for key land in Istanbul's thriving business centre, but the project has been delayed by a court challenge.