Emaar Properties expects to complete its planned merger with retail arm, Emaar Malls, by the end of 2021, and is currently awaiting regulatory clearance from the United Arab Emirates’ Securities and Commodities Authority, according to a Gulf News report.

The developer has said the merger would give it considerably more clout in leveraging the potential of Emaar Malls in a future valuation of Emaar Properties.

In March, Emaar Properties announced that it would swap 0.51 of its own shares for each Emaar Malls share. The parent company currently owns 85 percent of the retail arm, which in turn owns the world’s biggest shopping centre, The Dubai Mall.