Abu Dhabi developer Aldar Properties, which has twice been rescued by the Abu Dhabi government with bailouts totalling $10 billion, may merge with local rival Sorouh Real Estate in a state-backed tie-up, the two firms said on Sunday.
Any merger decision will be made in the next three months after a joint committee assesses the matter. No further details were provided.
"Aldar and Sorouh are discussing ways to merge with the blessing of the Abu Dhabi government," said the joint statement to the Abu Dhabi bourse.
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