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 has denied reports stating it is about to enter a merger with a local real estate company in Dubai [representational image].
The UAE's Union Properties has denied reports stating it is about to enter a merger with a local real estate company in Dubai [representational image].

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 [2009]

While no English media links to the reports are available, some Arabic media sources, such as Aliqtisadi, Mubasher, and Al Arabiya have reported Deyaar as the merger partner for Union Properties.

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.

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