Size matters: Gulf's builders get bigger to face property slide, Real Estate - THE BUSINESS TIMES:
"Some of the Persian Gulf’s biggest builders are scaling up to pool resources as they try to confront a property market slump that has lasted longer than most expected. Aldar Properties PJSC’s purchase of 3.7 billion dirhams (S$1.34 billion) of real estate assets in Abu Dhabi is the latest in a series of recent acquisitions and joint ventures between large developers in the United Arab Emirates as values drop in the sheikhdom’s biggest city states. “It was always expected that oil prices would recover quicker, allowing government spending to come back up, and so far that hasn’t happened,” said Faisal Durrani, head of research at broker Cluttons LLC."
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