Abu Dhabi-listed developer Aldar Properties has raised its estimate of the value of synergies from its merger with another property firm, Sorouh, by 45 per cent to Dh145-150 million ($39.5-40.9 million) annually.
The merger between Abu Dhabi’s Aldar Properties and Sorouh Real Estate became effective at the close of trade on June 27, a statement said.
This follows the publication of a ministerial resolution by the
Abu Dhabi's Aldar Properties, set to come together in a state-backed merger with Sorouh Real Estate, reported lower quarterly earnings on Tuesday in a fresh indication of continued weakness in the UAE capital's property sector.
Shareholders of Abu Dhabi's Aldar Properties have approved the developer's plans to merge with rival Sorouh Real Estate at a meeting on Sunday, a spokesman for Aldar said.
The boards of both state-linked firms proposed a m
Abu Dhabi's Aldar Properties , which plans to merge with smaller rival Sorouh Real Estate, on Tuesday said its largest shareholder Mubadala converted bonds in the company to shares, boosting its capital by nearly 10 percent
Abu Dhabi's Sorouh Real Estate , which has agreed to merge with Aldar Properties, has reported an 21.2-per cent rise in fourth-quarter net profit, driven by income from government projects and higher leasing revenue.
Abu Dhabi's two biggest property firms, Aldar Properties and Sorouh Real Estate, have agreed on a state-backed, all-share merger that would create a firm with $15 billion in assets and could help to stabilise the emirate