According to Al-Khaleej newspaper, investment sources in Dubai reported that a big Saudi banking corporation has reached an agreement with an Emirates real estate company to acquire 50% stakes in the latter. The sources added that the local real estate company is currently operating in Dubai, Sharjah, Um-Quwain, and is planning to soon enter Ajman.
They added that this real estate company, which is based in Sharjah, possesses residential towers and industrial estates. It's worth mentioning that the Saudi have been lately intensifying their investments in the real estate and tourism sectors in the UAE. The deal's details will be publicized later today, according to the sources.