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Afridi & Angell 

January, 2014 - Dubai, United Arab Emirates


Afridi & Angell Advises Damac Real Estate Development Limited on the Largest IPO Since the Emirate's Real Estate Crash


Afridi & Angell advised Damac Real Estate Development Limited (‘Damac’) on all aspects of the principal due diligence related to its flotation on the London Stock Exchange. The firm was responsible for structuring the issuance, particularly within the Dubai International Financial Centre (DIFC), and managed all legal reports from GCC counsel. Advised the client on all relevant aspects of UAE and DIFC law. This was the largest IPO (by the largest independent property developer in Dubai) since the Emirate's real estate crash.

Generally a company seeking to list on the main market of the London Stock Exchange sets up an offshore holding company (Jersey, Cayman Islands etc) which then issues its shares. However, in this instance Damac opted to proceed with a GDR issuance of a DIFC company and incorporated a trust structure within the DIFC.

Bashir Ahmed was the lead partner on this matter.


WSG's members are independent firms and are not affiliated in the joint practice of professional services. Each member exercises its own individual judgments on all client matters.

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