Global banks, including the likes of Goldman Sachs and JP Morgan Chase, are jostling to win the advisory mandate for Abu Dhabi's state-backed merger of its two property developers, a ticket seen opening doors in the wealthy emirate.
Abu Dhabi is contemplating merging local developers Aldar Properties and Sorouh Real Estate in a state-backed tie-up that could create a company worth some $15 billion in assets.
Mandate announcements for the proposed transaction are imminent, according to bankers who have pitched for the role, and even though the deal value and potential fees from advising are not massive, bankers are keen to get into the good books of the oil-rich emirate in the hopes of gaining future business.
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