Global Arab Network | Dubai’s giant real estate in advanced discussion on consolidation

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Dubai’s giant real estate in advanced discussion on consolidation

Global Arab Network - - Mohamed Tamer

Saturday, 27 June 2009 22:49

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Emaar Properties PJSC and Dubai Holdings LLC announced that they are in advanced discussions with regards to an intended combination of the following real estate businesses: Emaar, Dubai Properties LLC, Sama Dubai LLC and Tatweer LLC.

The proposed consolidation comes within the resolute dedication to transform Dubai into a global city since construction and development are a primary engine of growth. Dubai will thus rise up to the current challenges with hallmark agility and responsiveness.

The consolidation of these leading real estate entities will not only build on the remarkable achievements in Dubai during the last three decades, but more importantly, marks the start of a new chapter in the annals of real estate globally.

Emaar and Dubai Holdings along with the assistance of their financial advisers, the Royal Bank of Scotland PLC and Merrill Lynch International respectively, are in the process of finalizing a thorough assessment of the merits of this proposed consolidation, including the valuation of the various entities as well as the assessment of the potential transaction structures.

Discussions are also being held with relevant regulatory authorities. As the discussions progress, timely updates will be provided to the market.

HE 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.'

Global Arab Network

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