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Wednesday, 6 May 2009

No formal talks between Deyaar, UP on merger

There is no official discussion on a merger between Deyaar and Union Properties but it could be a possibility, a top official from Deyaar said.

"It [merger talks] is just a rumour. So far there are no official talks between the two companies so far. But it is a possibility if it makes sense for the shareholders of both companies," Nasser Al Shaikh, Chairman of Deyaar told Emirates Business.

Earlier, Markus Giebel, CEO of Dubai developer Deyaar also said the company would consider merging with another company, noting that a merger is good in bad times as it stabilises the economy.

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