Abu Dhabi's Aldar, Sorouh see merger closing by June 30
Abu Dhabi property firms Aldar Properties PJSC and Sorouh Real Estate said the two companies expect to close their state-backed merger by June 30, pending a ministerial resolution approving the deal.
A three-month period for Sorouh creditors to object to the proposed merger has expired without any objections being raised, the two companies said in a joint bourse statement on Thursday.
The companies have applied for approval from Abu Dhabi's Executive Council. Once the approval is granted, the two companies will apply for a ministerial resolution to approve the deal, they said. The resolution is expected to be issued between June 20 and June 30.
The boards of the state-linked rivals proposed a merger in January and the deal was expected to be completed by end-June.
- The UAE-Egypt Affair: Behind the scenes of Cairo's $40 billion housing initiative
- Revealed: Dubai's $300 million Green "Oasis"
- Why Dubai's housing market is more riskier than we thought
- Kuwait: Investment sector continues to lead real estate sales
- Why GCC nationals are rushing to buy property in this unexpected MENA country