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Emaar will not de-list, plans new projects
The new firm will announce new projects after the merger, Mohamed Alabbar told Al Arabiya television, without giving details about the size of the envisaged projects or an exact date for the finalization of the merger.
Investors and shareholders have been eagerly waiting for news on the merger, which could dilute their holdings, but would be one of the biggest in the Middle East.
Dubai Holding and Emaar said in June they were in advanced talks to merge four local real-estate companies.
They said at the time the move would consolidate Emaar with Dubai Properties, Sama Dubai, and leisure developer Tatweer.
"Having an entity of this size and such assets in terms of land banks... would have positive impact on the profitability of the firm for many years to come and on its share," Alabbar said.
Emaar said on June 27 it expected the merger to be completed within about four months. Alabbar said the delay was due to the large size of the firms and their projects.
All four firms, three of which are not listed, are prominent players in the sector.
Alabbar ruled out de-listing the firm after the merger.
"We are in the market... and will stay," he said.
Source: www.7days.ae/business
Nov. 22, 2009
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