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Nakheel & Istithmar will merge
- United Arab Emirates: Sunday, November 25 - 2007 at 07:38
Dubai World, which is selling a stake in port operator DP World, plans to combine its real estate units into a single company with $52bn worth of projects under development. Nakheel, which is developing Dubai's three palm islands, and Istithmar Real Estate, would be merged into a single company by the end of this year. "With the continued growth and rationalization of the Dubai World businesses, it is now timely to merge Istithmar World Real Estate with Nakheel, to create one of the world's largest property companies," a Nakheel spokesman told AME Info. "This change allows us to focus our energies on creating a broad based real estate company, focusing on activities from development and asset management through to funds and investment management," he added.
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Amena Bakr, Senior ReporterSunday, November 25 - 2007 at 07:38 UAE local time (GMT+4)
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This article was updated on Wed Nov 28 2007.
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