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Dubai Properties and Sama Dubai merger denied

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Monday, 13 April 2009
RECENT APPOINTMENT: Dubai Holding CEO Ahmad Bin Byat. (Supplied)
RECENT APPOINTMENT: Dubai Holding CEO Ahmad Bin Byat. (Supplied)

Sama Dubai, a subsidiary of Dubai Holding, has not merged with sister unit Dubai Properties and continues to exist as an independent entity, a top company executive said Sunday.

In a report carried by Emirates Business newspaper Hashim Al Dabal, Executive Chairman of Dubai Properties, said that the companies had consolidated their back office operations, but had not merged.

''They exist as a legal entity and have their own books of account. We will just help them [Sama Dubai] to execute their projects," Al Dabal told the newspaper.

His comments appeared to contradict London-based Middle East Economic Digest, which earlier reported that Dubai Properties was going for a merger with Sama Dubai.

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According to Emirates Business Al Dabal will be utilising the expertise of Dubai Properties in the execution of Sama Dubai's projects.

Sama Dubai Executive Chairman Farhan Faraidooni said: "We remain an independent entity and we have not merged with Dubai Properties."

Meanwhile, regarding plans to eventually merge the real estate firms of Dubai Holding, Al Dabal said: "It is too early for a full merger to happen, but the holding company is looking for integrating the operations in near future," the newspaper reported.

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