New entity to have Dh194bn assets after Emaar and Dubai Properties merger

The new property entity due to be formed through the proposed merger of Emaar Properties, Dubai Properties, Sama Dubai and Tatweer will have a combined asset base of Dh194 billion. Dubai Properties, Sama and Tatweer have a solid land bank that will contribute positively to the consolidation.

The 3 real estate developers excluding Emaar Properties had a total asset book of Dh126 billion at the end of 2008 and an external debt of Dh3.4 billion. This is just 2.7% of the total assets of all 3 companies.

Although the four will join assets, they will also have to share debt of Dh13.4 billion. Emaar Properties is the only developer of the 4 to be listed on DFM had total assets worth Dh68 billion at the end of March and a debt obligation of Dh10 billion.