By: Mahmoud Gamal
Dubai – Mubasher: Union Properties on Monday has denied plans to merge with another real estate firm in the emirate of Dubai.
The Dubai-based real estate developer isn't currently negotiating any merger transaction, according to a statement to the Dubai Financial Market (DFM).
The UAE's real estate firms are in a dire need of merger in the coming period to overcome their accumulated losses, Waddah Al Taha, member of the National Advisory Board of Chartered Institute for Securities &Investments (CISI), told Mubasher.
The potential merger deals are expected to contribute to improving the real estate sector's performance, Al Taha added.
On Sunday, 23 September, media sources reported that Union Properties and Deyaar Development started talks over a potential consolidation.
The DFM-listed real estate company posted a profit of AED 207.4 million in the first half of 2018, against suffering a loss of AED 2.24 billion during H1-17.
Translated by: Mohammad Hesham Azab
