Dubai's Union Properties denies merger reports
The real estate developer denied it is considering a merger with a Dubai company, which some Arabic media has reported to be Deyaar
The UAE’s Union Properties, listed on Dubai Financial Market (DFM), has issued a statement denying reports of its merger with a local real estate development company.
In a missive issued to DFM, Union Properties said the news “being circulated through media about a merger” was at present incorrect.
“The management of [Union Properties] would like to point out that it is currently not considering any merger,” the statement continued.
“In the event that such [a] merger [exists], the company’s management will follow the procedures prescribed by the laws, regulations, and the disclosure and transparency rules.”
ARCHIVES: Deyaar denies merger rumours 
Construction Week has contacted representatives of Union Properties and Deyaar for additional details.
Union Properties’ denial comes days after Deyaar refuted reports of winning a legal case against Nakheel.
The developer issued a statement to the DFM on 20 September refuting claims made online that it had won a legal case against the developer behind Dubai’s Palm Jumeirah island.
“In has come to our notice that some rumours are circulating [on] social media about a court case judgment in favour of our company. We would like to clarify that the company has no legal cases with Nakheel,” Deyaar said.