Trump-linked tycoon to take Dubai developer DAMAC private

The billionaire founder of one of Dubai’s largest developers, DAMAC Properties, has announced his intention to take the company fully private by buying its publicly traded shares in a deal valued at around $595 million

DUBAI, United Arab Emirates -- The billionaire founder of one of Dubai’s largest developers, DAMAC Properties, announced on Wednesday his intention to take the company fully private by buying its publicly traded shares in a move that would delist it from the local stock exchange. DAMAC is known in Dubai for a development that features a Trump-branded golf club surrounded by villas and apartments, making it the only one of its kind in the Middle East that bears the Trump logo. The company's partnership with the Trump Organization to manage and run the golf course was struck before Donald Trump's election as U.S. president. The golf club was inaugurated by Trump's two sons in February 2017 when he was president. The company, founded by Hussain Sajwani, also manages the DAMAC Towers, a high-rise development that includes luxury residences and the Hollywood-themed Paramount hotel and resort near the world's tallest tower in Dubai. DAMAC also has projects in Qatar, Jordan, Saudi Arabia, Lebanon and the U.K. When DAMAC went public in early 2015, Sajwani stood to profit greatly from the sale while retaining majority ownership. The company was valued then at around $3.8 billion.