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Citi Appointed Depositary Bank for DAMAC Real Estate Development Ltd’s GDR Programme


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© Business Wire 2014
2014-02-13 11:04:01 -

Citi, acting through Citibank N.A., has been appointed by DAMAC Real Estate Development Limited (“DAMAC”), a leading luxury residential, leisure and commercial developer in Dubai and the Middle East, as the depositary bank for their Global Depositary Receipt (GDR) programme.

DAMAC is single listed on the London Stock Exchange (LSE) through GDRs, which trade under the symbol “DMC”.

Adil Taqi, Group Chief Financial Officer for DAMAC commented: “We are very pleased that the market reacted positively to the IPO and we look forward to developing our brand further. We will work in close partnership with Citi as depositary bank to develop best-in-class investor relations and a strong shareholder base for our GDR programme.”

Dirk Jones, Global Head of Client Sales

Management at Citi said: “We are delighted that DAMAC has chosen Citi as their depositary bank and we intend on leveraging our global equity distribution platform as well as our Investor Relations expertise to support their development. It is also positive for companies seeking to list to see that the GDR IPO market has now reopened.”


Citi is a leading provider of depositary receipts services. With depositary receipt programmes in 55 markets, Citi leverages its network to help companies connect to new markets and raise capital worldwide.

For more information on Citi’s Depositary Receipt Services, visit www.citi.com/dr : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. .


About Damac

DAMAC was established in 2002 as a residential, leisure and commercial developer in Dubai and the Middle East. In the past decade, DAMAC Properties has expanded into Iraq, Jordan, Lebanon, Qatar and Saudi Arabia. DAMAC Properties has completed 8,887 units to date and has a further 23,688 units at various stages of progress and planning across the Middle East region. For information, visit www.damacproperties.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. .


About Citi

Citi, (NYSE: C) the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. | Twitter: @Citi | YouTube: www.youtube.com/citi : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. | Blog: new.citi.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fnew .. | Facebook: www.facebook.com/citi : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. | LinkedIn: www.linkedin.com/company/citi : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..

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Citi Media Contacts:Capucine Boncenne+44 (0) 20 7508

9355 Capucine.boncenne@citi.com : mailto:Capucine.boncenne@citi.com


Author:
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