6.32 AM Sunday, 3 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 05:23 06:36 12:34 15:53 18:25 19:39
03 March 2024

Aldar denies merger rumours with Sorouh

By Abdel Hai Mohamad

Aldar Properties yesterday denied rumours of a merger with Sorouh Real Estate.

Chairman of Aldar Properties Ahmed Ali Al Sayegh told Emirates Business yesterday a lot of rumours are floating in the Abu Dhabi Securities Exchange on a possible merger between the two real estate giants.

"I cannot comment on this news now because Mohammed Al Mubarak, Aldar's Chief Commercial Officer, said there is no imminent merger or any such plans in the long term and all what is said on the subject so far is untrue."

The two company's total investments top $145 billion (Dh532bn), which includes Aldar's $75bn portfolio and Sorouh's $70bn.

Aldar closing price yesterday on the ADX was Dh3.05 and Sorouh ended at Dh2.98. Analysts have said that Abu Dhabi's property demand will continue to be strong this year.