Dubai's Deyaar acquires engineering subsidiary
Deyaar Development fully acquires Omega Engineering LLC.
Deyaar Development has fully acquired its engineering and construction subsidiary, Omega Engineering LLC. Deyaar is Dubai's second-largest real-estate developer by market capitalisation.
It has boosted its current ownership in the Dubai-based subsidiary's share capital to 100%, the developer said in a statement on the Dubai Financial Market website.
"The acquisition of Omega Engineering is in line with Deyaar's long-term strategy of consolidating its investment in construction and facility management services, while further fortifying its engineering capabilities for future projects," Deyaar CEO Saeed Al Qatami said in the statement.