RIYADH:Â Dubai property developer Damac Properties has approved converting its legal form from a public joint stock company to a private joint stock company, according to a press release.
The decision to privatize came as the developer struggled to remain profitable, Damac stated in a separate statement.
In a previous announcement, Damac was delisted from the Dubai Financial Market on March 7.
Delisting allows companies to avoid the scrutiny of investors, disclosure as well as the costs of listing and having to adhere to regulatory requirements of transparency.
The company posted a net loss of 531 million dirhams ($144 million) for 2021, according to a DFM filing.
Total revenue for the reporting period fell 37 per cent annually to 3 billion dirhams at the end of 2021.
