Words: Ashley Rigg
Published: 6th October 2009
Merger to create world’s largest developer
Emaar Properties is in the process of finalizing a merger which will create the world’s largest property developer with combined assets of $52.8 billion.
The company plans to merge with Dubai Properties, Sama Dubai and Tatweer, property firms owned by the business conglomerate Dubai Holdings
Emaar, the builder of the Burj Dubai, the world’s tallest tower, is yet to announce which developments it would take on as part of the merger. The most notable developments are Dubailand, a Tatweer project and The Lagoons, a Sama Dubai project.
The proposed merger is the first real sign of consolidation in Dubai’s property market, which is striving to cut costs after a dramatic slide in demand and property prices. Prices have fallen almost 50 per cent since their peak in the third quarter of last year.
Full story on
The National
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