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Thu 17 May 2018 02:06 PM

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Abu Dhabi's Bloom says open to merger with Dubai developer

CEO Sameh Muhtadi says exploring possibility of cooperation with developer from neighbouring emirate

Abu Dhabi's Bloom says open to merger with Dubai developer

Bloom Holding is exploring the potential of a merger with a Dubai developer, CEO Sameh Muhtadi has revealed.

The Abu Dhabi developer owns a big land bank in the emirate and is open to the idea of working with a company that owns land in Dubai, but not in Abu Dhabi.

Muhtadi suggested any deal would be on quid pro quo basis.

“If there is a Dubai developer that has the land that seeks to have access to Abu Dhabi, we want access to Dubai as well,” Muhtadi told Construction Week.

“If those situations present themselves that would be very interesting. We’ll explore those possibilities very seriously. There is nothing eminent, but if there is an opportunity we will look at it seriously.”

He added: “We are not planning any [mergers or acquisitions], 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 also told Construction Week the business had been cleared to build a 2.2 sq km mixed-used master development near Abu Dhabi International Airport.

Mergers and acquisitions in the UAE construction sector appear to have increased this year, with a number of high-profile agreements.

The $8.1 billion joint venture between UAE giants Emaar and Aldar that was agreed in March is one of the most prominent partnerships.

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