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Emaar merger to lift realty market

Posted on 29 June 2009

From Indiatimes.com: The Dubai developer behind the world’s tallest building plans to merge with three rivals owned by the sheikdom’s ruler, in a consolidation aimed at better coping with a global meltdown fuelled weakness in the one-time Arab boomtown’s real estate sector.

In a statement posted Sunday on the Dubai Financial Market’s website, Emaar Properties said its proposed merger with Dubai Holding subsidiaries Dubai Properties, Samar Dubai and Tatweer would create a company with an asset base of 194 billion dirhams ($52.8 billion) and a debt of 13.4 billion dirhams, or roughly 7% of the total assets……..Full Article: Source


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