Dubai Holding, the conglomerate owned by the emirate's ruler, received a blow yesterday when Emaar Properties blocked a proposed merger with its real estate arms. Emaar's decision appeared to be a bid to protect itself from the continuing fallout of Dubai's debt problems.
The company's board said there was no economic sense in merging with Dubai Holding, whose interests included real estate, leisure and investment holdings.
This surprise announcement came from the government, which owns 32 per cent of Emaar.
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