(MENAFN) Share offering of DAMAC, Dubai-based luxury real estate developer, saw a decline as it only raised USD348 million from the sale of 28.39 million global depositary receipts (GDRs) compared to the expected USD500 million, according to Arab News.
Though property market in Dubai saw a slight recovery this year of more than 20 percent, it declined over 50 percent from its highest in 2008.
Akber R. Naqvi, executive director at Dubai-based asset manager Al Masah Capital, said: "It may have been too early to test the merit of the Dubai real estate market; even though the markets have recovered sharply, we are coming back from a steep decline and a very low base."
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