Emaar to merge with other Dubai developers

Dubai, UAE-based real estate developer Emaar Properties has announced it is in merger talks with Dubai Holdings, Dubai Properties, Sama Dubai and Tatweer. The company says combining these real estate companies is part of the emirate's plan to use construction and development to drive economic growth.

Dubai Holdings chairman Mohammed Al-Gergawi said, "Consolidating these three companies with Emaar is a natural progression in the evolution of the Dubai real estate landscape. By joining forces, we will give the larger combined entity an unparalleled platform to optimise opportunities in its domestic and international markets."

Mohamed Alabbar, chairman of Emaar added, "We believe that there could be exceptional synergies between Emaar and Dubai Holdings key real estate businesses. These comprehensive discussions are driven by a shared vision regarding the consolidation of our respective visible success stories to date and the creation of a world-class group."

Emaar and Dubai Holdings said it expects the merger to take four months to complete. This includes gaining the necessary regulator approvals.