A potential merger agreement between Abu Dhabi developers Aldar Properties and Sorouh Real Estate is expected to be announced within a month, as per announcement from officials of the latter mentioned company.
Aldar and Sorouh had said in March 2012 that they were in talks for a state-backed merger, which would create a company with US$ 15 billion in assets.
Goldman Sachs and National Bank of Abu Dhabi are advisors to the steering committee overseeing the proposed tie-up. Credit Suisse is advising Aldar while Morgan Stanley is working with Sorouh.
Mena Weekly Monitor – Bank Audi
3 October
Abu Dhabi developers Aldar and Sorouh to conclude merger
MWM
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