Damac denies buyout report

Damac Properties has called Egypt's Housing and Development Bank plan to buy a stake in the developer as a "market rumour".

"It is a market rumour and we will not comment on it," Niall McLoughlin, Damac Holding, Vice-President Corporate Commutations, told Emirates Business.

Arabic daily Al Bayan had reported that Housing and Development Bank was looking at acquiring a stake in Damac. The paper did not give the percentage of the stake the Egyptian bank is planning to buy.

Last week, Damac said it has cut a further 50 jobs amid the continuing global financial crisis.

"The Damac Group undertook a review in response to the continuing current global slowdown," McLoughlin told Zawya Dow Jones.In November, the company shed 200 jobs, or 2.5 per cent, of its workforce.

Meanwhile, Damac said it will begin handing over 536 units of Lake View Tower in Jumeirah Lake Towers.

Damac Holding Chairman Hussain Sajwani said the successful conclusion of the LakeView project marked a positive indication that the company was remaining focused at a time when there were still many challenges across the property industry.

"Completing this project is a good way for us to start the first quarter and shows that we have not lost our focus or our commitment to our customers," said Sajwani.

At Ocean Heights, Damac's flagship building in Dubai Marina, construction has already reached the 39th floor with one floor being completed every week.

In Tecom, Executive Heights building has been completed, while the Smart Heights tower has reached the eleventh floor.

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