Dubai Holdings, which is owned by the ruler of the Gulf emirate, and developer Emaar Properties, are in detailed negotiations over a merger of four development companies.
Emaar is planning to merge its operations with Dubai Properties, Sama Dubai and Tatweer, which develops leisure related real estate.
A combination would create the biggest developer in the Middle East and North Africa in terms of land banks, according to a report by Gulf News.
In a statement released over the weekend, Emaar Properties said the move was designed to “rise up to the current challenges with hallmark agility and responsiveness”.
Mohammed Al-Gergawi, chairman of Dubai Holdings, said “Consolidating these three companies with Emaar is a natural progression in the evolution of the Dubai real estate landscape, providing benefits to all stakeholders.”
“By joining forces, we will give the larger combined entity an unparalleled platform to optimize opportunities in its domestic and international markets. The combined entity has a clear and concise strategy, better positioning Dubai as a world-leading hub in real estate development and management.”
Royal Bank of Scotland and Merrill Lynch International are advising the two Dubai companies on the merger. According to the statement, the advisors are currently evaluating the merits of proceeding with the plans as well as carrying out a valuation of the various entities and the structure in which the merger could be executed. This evaluation is expected to conclude in four months.
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