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

date:Posted: April 19, 2015
UAE. Deloitte experts consider that residential transactions have slowed to a more sustainable level; Leveling off in capital growth, in certain areas; This new characteristic suggests a market that is in fact maturing and arguably strengthening.
date:Posted: April 19, 2015
INTERNATIONAL. The EIA once again capitulated on the myth that rig counts don't matter and the productivity of wells would largely offset, leaving the industry on a continuous path to higher output.
date:Posted: April 19, 2015
QATAR. The first Renminbi Clearance Centre (RCC) in the MENA region, to be located in Doha; The RCC will allow for claims denominated in RMB to be settled in Doha and exchanged for other currencies, including the Qatari Riyal (QAR).
UAE. Deloitte experts consider that residential transactions have slowed to a more sustainable level; Leveling off in capital growth, in certain areas; This new characteristic suggests a market that is in fact maturing and arguably strengthening.
dhgate