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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UAE. The risk landscape in the Middle East is changing rapidly. Every day brings new challenges that considerably alter how companies respond to and manage risk; Organisations can remain strong and resilient by proactively adapting to these trends.
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LONDON. The impact of machine learning applications - from machine vision to voice recognition - will be massively enhanced via the deployment of 800,000 machine learning centric chips in data centres this year, roughly quadruple the volume in 2016.
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UAE. A large youth population, fast- improving mobile connectivity and a flood of new streaming platforms into the market will drive growth.
UAE. The risk landscape in the Middle East is changing rapidly. Every day brings new challenges that considerably alter how companies respond to and manage risk; Organisations can remain strong and resilient by proactively adapting to these trends.
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