"Abu Dhabi's Sorouh Real Estate rose on Thursday in its last trading session before being delisted as part of its state-backed merger with Aldar Properties, while all regional markets gained ahead of the weekend.
The tie-up, aimed at reviving the emirate's battered real estate sector, creates the second-largest listed property firm in the United Arab Emirates and one of the biggest in the Middle East with assets of about $13 billion.
"The merged company is attractive at this stage; the backlog of Abu Dhabi projects is strong," said Ali Adou, portfolio manager at The National Investor. "I'm bullish on the contracting, construction and cement sectors in the UAE so it's a good play to be in over the next two years.""
'via Blog this'
No comments:
Post a Comment