Dubai developer Damac Properties said on Monday it plans to raise around $500 million from a sale of global depositary receipts on the London Stock Exchange.

Each GDR will be worth 3 ordinary shares in Damac, the regulatory filing said. A GDR is a certificate that represents a block of shares in a company. GDRs are often issued by firms in emerging market states to allow foreign investors to buy the stock more easily.

Citigroup and Deutsche Bank are joint bookrunners for the offering, with the investment banking arm of Saudi Arabia's Samba Financial Group and VTB Capital acting as co-lead managers. – Reuters