Due diligence has begun on the potential state-backed merger of indebted Abu Dhabi developer Aldar Properties and smaller rival Sorouh Real Estate , the two firms said on Sunday.
The developers also named advisors to the two sides with Credit Suisse advising Aldar while Morgan Stanley is working with Sorouh. Goldman Sachs and National Bank of Abu Dhabi are advisors to the steering committee overseeing the proposed tie-up.
"A due diligence process is now underway to assess in detail the implications for all stakeholders and this process will take a number of months," a joint statement from the companies said.
Reuters reported in May that those banks had been appointed to the roles.
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