Country: Dubai, United Arab Emirates
29 June 2009
Dubai property developer Emaar Properties PJSC, the largest property developer in the Middle East, yesterday announced that it is merging with three state-controlled property companies, Dubai Properties LLC, Sama Dubai LLC and Tatweer LLC, units of Dubai Holding LLC.
The merger is designed to help the companies cope with the global financial crisis, as well as the slowdown in the UAE property market. The new group will have an asset base of around £32bn, with a debt of just 7% of total possessions.
"The proposed consolidation would create a robust and strategic asset base while joining the strengths" of the different companies, Emaar said.
The deal marks a serious attempt shore up the Dubai property market following a recent slump, which has seen prices across parts of the emirate fall by up to 40% in Q1 alone.
"These comprehensive discussions are driven by a shared vision regarding the consolidation of our respective visible success stories to date and the creation of a world-class group which would be ideally positioned to dynamically help shape and support the ongoing development of Dubai as a world-leading hub," Emaar chairman Mohamed.
Emaar has constructed a number of high-profile developments, including the Burj Dubai, the world's tallest building which is still uncompleted.
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