Egyptian bank eyes stake in Damac

Egypt's Housing and Development Bank said today it was considering buying a stake in Damac, Dubai's largest private developer.

The bank did not say how large a stake it could buy or give further details in a statement given to the stock exchange.

Damac has projects planned in Egypt worth more than US$ 20 billion (AED73 billion) and has previously said that 20% if its revenue could come from the country by the end of the year.

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Currently, it is developing a $16.3 billion residential and tourism project on Egypt's Red Sea coast and a $360 million commercial and retail venture to the west of Cairo.

Dubai's real estate sector has been hit hard by falling property prices. In November Damac said it would not be expanding into new markets and was looking to reschedule some construction projects.