Talks are progressing on a multi-million dirham merger between Aldar and Sorouh.
Talks are progressing on a multi-million dirham merger between Aldar and Sorouh.

Dh47bn merger talks between Abu Dhabi's Aldar and Sorouh at 'advanced stage'



Aldar Properties and Sorouh Real Estate rose after both companies said they "remain in ongoing due diligence" over their proposed $13bn merger, propping up the capital's index in early trading.

"A decision on whether to recommend a merger to shareholders will follow the completion of these discussions which are at an advanced stage," the companies said in a joint statement to the Abu Dhabi Securities Exchange (ADX).

Aldar shares rose 0.7 per cent to Dh1.32 each before paring early gains, while Sorouh advanced 0.8 per cent to Dh1.25 each.

The two companies announced in March they were studying the possibility of a merger with the "blessing" of the Abu Dhabi Government.

Recent media reports had quoted senior Sorouh executives saying that the deal could be proposed to shareholders within "within a month."

Bankers with knowledge to the deal said they expect completion by the first quarter of 2013.

But sentiment was poor, with gains for Sorouh and telecoms giant Etisalat masking a despondent mood across the Emirates.

The Dubai Financial Market General Index fell 0.45 per cent to 1,601.66, while the Abu Dhabi Securities Exchange General Index rose 0.1 per cent to 2,638.23.

Etisalat rose 0.8 per cent, almost single-handedly keeping the capital's market measure in the green.

Asian markets fell on dwindling growth forecasts as the Chinese economy cools, with the Nikkei 225 falling 0.1 per cent to 8,786.05 and the Hang Seng Index up 0.3 per cent at 20,840.38.

The Reserve Bank of Australia unexpectedly cut its main benchmark interest rate by 25 basis points to 3.25 per cent this morning.

Oil prices cooled slightly, with Brent crude futures down 4 cents to $112.25 per barrel.

Essentials
The flights

Return flights from Dubai to Windhoek, with a combination of Emirates and Air Namibia, cost from US$790 (Dh2,902) via Johannesburg.
The trip
A 10-day self-drive in Namibia staying at a combination of the safari camps mentioned – Okonjima AfriCat, Little Kulala, Desert Rhino/Damaraland, Ongava – costs from $7,000 (Dh25,711) per person, including car hire (Toyota 4x4 or similar), but excluding international flights, with The Luxury Safari Company.
When to go
The cooler winter months, from June to September, are best, especially for game viewing. 

MATCH INFO

Azerbaijan 0

Wales 2 (Moore 10', Wilson 34')

A QUIET PLACE

Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou

Director: Michael Sarnoski

Rating: 4/5

Long read
COMPANY PROFILE

Name: Kinetic 7
Started: 2018
Founder: Rick Parish
Based: Abu Dhabi, UAE
Industry: Clean cooking
Funding: $10 million
Investors: Self-funded

SPECS

Engine: 1.5-litre 4-cylinder
Power: 101hp
Torque: 135Nm
Transmission: Six-speed auto
Price: From Dh79,900
On sale: Now

AL BOOM

Director:Assad Al Waslati

Starring: Omar Al Mulla, Badr Hakami and Rehab Al Attar

Streaming on: ADtv

Rating: 3.5/5

THE SPECS

Engine: 2.0-litre 4-cylinder turbo

Power: 275hp at 6,600rpm

Torque: 353Nm from 1,450-4,700rpm

Transmission: 8-speed dual-clutch auto

Top speed: 250kph

Fuel consumption: 6.8L/100km

On sale: Now

Price: Dh146,999

Alita: Battle Angel

Director: Robert Rodriguez

Stars: Rosa Salazar, Christoph Waltz, Keean Johnson

Four stars

SERIE A FIXTURES

Saturday Benevento v Atalanta (2pm), Genoa v Bologna (5pm), AC Milan v Torino (7.45pm)

Sunday Roma v Inter Milan (3.30pm), Udinese v Napoli, Hellas Verona v Crotone, Parma v Lazio (2pm), Fiorentina v Cagliari (9pm), Juventus v Sassuolo (11.45pm)

Monday Spezia v Sampdoria (11.45pm)

MEDIEVIL (1998)

Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Janet Yellen's Firsts

  • In 2014, she became the first woman to lead the US Federal Reserve 
  • In 1999, she became the first female chair of the White House Council of Economic Advisers 

The Porpoise

By Mark Haddon 

(Penguin Random House)
 


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