Dubai Holding Scraps Property Merger Plans
Dubai’s biggest holding company, Dubai Holding owned by Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum, has dropped its idea for the proposed merger of its real-estate units with the developer of the world's tallest skyscraper-Emaar Properties PJSC.
The U.A.E.'s official news agency reported Wednesday that the merger was not economically viable at this point of time. A statement from ruler’s office states, "The board of Emaar Properties said that studies showed the lack of economic feasibility of the merger project."
Meanwhile, a separate release has informed that Dubai Holding is looking for raising funds by selling some stake in a regional bank. The move comes at a time a $26 billion debt-restructuring effort at Dubai World is under way. Dubai World is the city-state's flagship corporation which left investors high and dry by announcing a six-month standstill on debt payments.
Bankers familiar with the restructuring exercise said that 100 bank creditors are meeting with Dubai World officials on December 21 for discussing restructuring of debt. The group is seeking advice from Rothschild and Moelis & Co.
However, there is no official word by either Dubai World or by the Dubai Department of Finance over the matter.
New Zealand News
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