Dubai – Mubasher: Abu Dhabi-based Bloom Holding, which has a large land portfolio in the UAE’s capital, is seriously considering merging with a developer that owns a land bank in Dubai, CEO Sameh Muhtadi has said.
The Abu Dhabi developer is seeking to make a win-win deal with any Dubai developer that has the land and eyes foraying into the UAE’s biggest sheikhdom, the CEO told Construction Week Online.
Bloom Holding has no plans to make any mergers, “but we are looking at it seriously.. If a situation presents itself that makes sense and it bodes well for a potential merger we are open to examining that opportunity,” Muhtadi added.
It is worth noting that the UAE construction sector has seen a slew of mergers and acquisitions this year. In March, Aldar Properties and Emaar Properties have launched an AED 30 billion ($8.1 billion) joint venture (JV), focusing on the development of master-planned destinations in national and global scales. The JV plans to begin with two megaprojects in Dubai and Abu Dhabi.
In April, Dubai-based developer Nakheel and the Sharjah Investment and Development Authority (Shurooq) have inked an agreement to launch an AED 75 million joint venture to build new community retail centre in Sharjah, the UAE's third-largest constituent.
