Union Properties has issued a statement denying any plans to merge with another developer in Dubai.
In a statement today, Union Properties today referred to speculation “circulating in the media” saying that it is “not considering any merger.”
Union Properties added that any possible merger plans would be revealed in accordance with laws and regulations.
"In the event that such merger exist, the company’s management will follow the procedures prescribed by the laws, regulations and the disclosure and transparency rules,” the company said.
While Union Properties didn't name the other Dubai developer in its statement, Arabic television named Deyaar as the other firm.
“We can’t say for certain if the conversation is accurate, but this is what investors are saying,” Mary Salim, head of financial markets at FFA Private Bank Dubai, told Al Arabiyya TV in an interview yesterday.
A Union Properties and Deyaar merger was all but certain in 2009, when the fallout from the financial crisis led to the deal being scuppered.
“Union Properties has more projects in the pipeline so it’s possible they would be happy to increase their portfolio,” said Salim when asked about which company could stand to benefit most from a possible deal.
“However both companies haven’t said much about the rumours yet so no one knows if it would be a 50-50 split or not,” she said.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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