Aldar and Sorouh in 'advanced' merger talks



Aldar Properties and Sorouh Real Estate, Abu Dhabi's biggest property developers, confirmed yesterday their long-running merger discussions have reached an "advanced stage".

The statement, posted on the Abu Dhabi Securities Exchange yesterday morning, follows a flurry of rumours this week suggesting the deal could be completed next month.

There are "ongoing due diligence discussions to evaluate the merits of a potential merger … a decision on whether to recommend a merger to shareholders will follow the completion of these discussions", the companies said.

The merger, valued at Dh47 billion (US$12.79bn), was announced in March with the blessing of the Abu Dhabi Government. If the deal goes ahead, it would create the largest property development company in Abu Dhabi.

Shares of the two increased after the announcement. Sorouh shares rose 0.8 per cent to Dh1.25 each and Aldar enjoyed a 0.7 per cent rise to Dh1.32.

A decision on the proposed merger has been expected since June, when a joint committee of both boards was set up to assess the legal and commercial viability of the deal.

"We have never seen such a large merger in the [property] market, said Matthew Green, the head of research and consultancy at CBRE."It will make them a stronger organisation and hopefully will be complementary."

Aldar is the developer behind the Yas Marina Formula One Circuit, while Sorouh built Reem Island's Sun and Sky Towers. Sorouh is also the developer of a building complex where a courtyard collapsed on Sunday. It is not immediately clear what was the cause.

"Overall the Abu Dhabi real-estate market is going through a transition period. Rent prices continue to drop, there is deflation across the market but on the positive side the new government regulation changes should have a knock-on effect next year. We can expect demand levels to rise and see more stability in 2013," Mr Green said.

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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants

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LIVING IN...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Match info

Manchester City 3 (Jesus 22', 50', Sterling 69')
Everton 1 (Calvert-Lewin 65')

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
SQUADS

South Africa:
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Bangladesh
Shakib Al Hasan (capt), Imrul Kayes, Liton Das (wkt), Mahmudullah, Mehidy Hasan, Mohammad Saifuddin, Mominul Haque, Mushfiqur Rahim (wkt), Nasir Hossain, Rubel Hossain, Sabbir Rahman, Shafiul Islam, Soumya Sarkar, Taskin Ahmed

Fixtures
Oct 26: Bloemfontein
Oct 29: Potchefstroom

SRI LANKS ODI SQUAD

Perera (capt), Mendis, Gunathilaka, de Silva, Nissanka, Shanaka, Bandara, Hasaranga, Udana, Dananjaya, Dickwella, Chameera, Mendis, Fernando, Sandakan, Karunaratne, Fernando, Fernando.

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

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The finalists

Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho

Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson

Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)

Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)

Club of the Year: Bayern Munich, Liverpool, Real Madrid

Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)

Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola

MATCH INFO

Uefa Champions League, last-16, second leg (first-leg scores in brackets):

PSG (2) v Manchester United (0)

Midnight (Thursday), BeIN Sports

Allardyce's management career

Clubs (10) - Limerick (1991-1992), Perston North End (1992), Blackpool (1994-1996), Notts County (1997-1999), Bolton Wanderers (1999-2007), Newcastle United (2007-2008), Blackburn Rovers (2008-2010), West Ham United (2011-2015), Sunderland (2016), Crystal Palace (2016-2017)

Countries (1) - England (2016)

Trippier bio

Date of birth September 19, 1990

Place of birth Bury, United Kingdom

Age 26

Height 1.74 metres

Nationality England

Position Right-back

Foot Right

COMPANY%20PROFILE
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Greatest of All Time
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The%20specs
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2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

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Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

COMPANY%20PROFILE
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If you go

The flights

The closest international airport for those travelling from the UAE is Denver, Colorado. British Airways (www.ba.com) flies from the UAE via London from Dh3,700 return, including taxes. From there, transfers can be arranged to the ranch or it’s a seven-hour drive. Alternatively, take an internal flight to the counties of Cody, Casper, or Billings

The stay

Red Reflet offers a series of packages, with prices varying depending on season. All meals and activities are included, with prices starting from US$2,218 (Dh7,150) per person for a minimum stay of three nights, including taxes. For more information, visit red-reflet-ranch.net.