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FINANCIAL NEWS
UAE’s Aldar, Sorouh in merger talks
12 Mar 2012
(MENAFN) Abu Dhabi’s Aldar Properties said that it is in talks with Sorouh Real Estate for a possible merger, reported AP.
The struggling real estate developer added that a working group would be formed to study the legal and commercial implications of the merger, then it would make recommendations to senior management of both companies within 3 months.
Aldar, majority owned by the Abu Dhabi government, also said that in 2011, it received around USD10 billion in government aid through 2 bailout rounds.
It is worth noting that Abu Dhabi’s property market was hit by the global financial crisis that started in 2008.
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