Aldar, Sorouh say due diligence on merger to take months
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Sun June 10, 2012 10:19 pm

UAE. Aldar Properties PJSC and Sorouh (SOROUH) Real Estate Co., Abu Dhabi’s biggest developers, said the due diligence process for a potential merger will “take a number of months.”

“A steering committee including representatives from Aldar and Sorouh has been formed to evaluate a potential merger,” the companies said in a joint statement to the Abu Dhabi bourse today. “A due diligence process is now under way to assess in detail the implications for all stakeholders and this process will take a number of months.”

Credit Suisse Group AG and Allen & Overy are advising Aldar, while Sorouh’s advisers are Morgan Stanley and Clifford Chance LLP. Goldman Sachs Group Inc. and National Bank of Abu Dhabi are advising the steering committee. Ernst & Young is providing accounting advise to the committee and Jones Lang LaSalle the valuation.

The two builders, part of Abu Dhabi’s drive to become a tourism and business hub, set up a team to study a possible merger with the “blessing” of the emirate’s government, which owns stakes in both, they said on March 11. The team was to present a plan in three months.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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INTERNATIONAL. A Syria in which the regime and IS, rather than other rebel groups, are the only real domestic players turns Bashar al-Assad into a pivotal cog in the fight against jihadism. That is something Saudi Arabia cannot allow to happen. To turn the tide, it needs a United States that is engaged and willing to do its bit.
date:Posted: February 11, 2016
INTERNATIONAL. "Although we anticipate some strain on Gulf banks' funding and liquidity this year, good asset quality and strong capitalization remain positive factors."
date:Posted: February 10, 2016
UAE. Low oil prices will constrain the amount of funding available to Gulf sovereigns and banks to support the region's substantial infrastructure bill in coming years; S&P projects a gap as large as $270 billion through 2019 between capital spending for projects and project contracts awarded.
INTERNATIONAL. A Syria in which the regime and IS, rather than other rebel groups, are the only real domestic players turns Bashar al-Assad into a pivotal cog in the fight against jihadism. That is something Saudi Arabia cannot allow to happen. To turn the tide, it needs a United States that is engaged and willing to do its bit.
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