Aldar, Sorouh reach initial merger deal
Complex Made Simple

Aldar, Sorouh reach initial merger deal

Aldar, Sorouh reach initial merger deal

Abu Dhabi's Aldar and Sorouh have reached an initial agreement to merge via a share swap, with a final deal expected to be signed in the coming weeks, Reuters has reported, citing sources familiar with the matter. The emirate's two largest property developers have a combined market capitalisation of about Dhs10bn, which would make the proposed merger one of the biggest conducted by listed firms in the Middle East. The merger will be based on a share swap and will not involve a cash payment, two sources said. The merger would create a state-backed company with combined assets worth nearly $15bn, and could help to repair Abu Dhabi's weak real estate market by ensuring better coordination of new property developments.

    Author
    AMEinfo Staff

    AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.

    © 2021, ADigitalcom. All rights reserved