A deal to merge Dubai-based giants Emaar Properties and Emaar Malls has been approved by the United Arab Emirates’ Securities and Commodities Authority, according to an Arabian Business report.
The merger, which was announced at the start of March this year, has already been approved by each company’s respective board of directors.
A statement on Monday said that, on completion, Emaar Properties would assume all the assets and liabilities of Emaar Malls, which would become a wholly-owned subsidiary of Emaar Properties.
It added that the move will “reinforce Emaar Properties’ position as MENA’s largest integrated and diversified real estate company, ensuring both Emaar Properties and Emaar Malls are strategically positioned to capture opportunities in the marketplace and drive shareholder value”.
Emaar Malls swung to a profit in the second quarter after posting a loss in the same period a year ago as revenue surged 74 percent year-on-year.