Merger watch: Al Mazaya and First Dubai

Bradley Hope

March 23, 2009

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  • Arabic

There have been merger rumours across the market for months, but today one made a small step toward becoming reality.

Al Mazaya Holding, a Kuwait-based property company, told the market today that it had entered merger talks with its partially-owned subsidiary, First Dubai Real Estate. (Al Mazaya owns 67 per cent of First  Dubai, with the rest owned by Global Investment House in Kuwait and public shareholders.)

Salwa Malhas, Al Mazay's chief executive, said earlier this month that the company was planning to consolidate some of its subsidiaries.

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