Arab billionaire interested in two companies in Romania

Real estate development company Impact Developer & Contractor, in which businessman Gheorghe Iaciu holds a 49% stake, is currently in talks for a possible partnership with DAMAC Properties, the company responsible for developing about a third of the residential towers in Dubai. “Damac representatives from the US came to Romania ten days ago, to prospect the local market. They looked at two companies listed on the Bucharest Stock Exchange: Impact and Globalworth. We had a meeting with them and their head is expected to come to Romania in the following period. There are lands suitable for luxury developments in Bucharest, near parks, and we’ll see if we’ll buy such properties, depending on the talks with Damac,” said Lucian Mateescu, general manager of Impact, cited by local Capital.ro. The major shareholder of Damac is Arab businessman Hussain Sajwani, whose fortune is estimated at USD 4 billion. Irina Popescu, irina.popescu@romania-insider.com