Shares in the Abu Dhabi developer Sorouh Real Estate rose this morning after its board approved a merger with Aldar.
Sorouh, which developed Reem Island's Sun & Sky Tower, rocketed 12.8 per cent to Dh1.83. It advanced as much as 15 per cent at the opening of the Abu Dhabi market.
The merger of the two property firms is "a positive step," said Wadah Al Taha, chief investment officer at Al Zarooni Group, an investment company in Dubai.
"The body will be able to handle strategic infrastructure works for the Abu Dhabi Government; it's going to be positive for the economy and for the pipeline of projects as a whole."
The merger deal will comprise of a share-swap agreement, whereby Sorouh shareholders will receive 1.288 Aldar shares for each Sorouh share they hold.
"Sorouh shareholders get a better deal, while Aldar's shareholders remain as is," Mr Al Taha said. "This is because Sorouh's debt-to-equity ratio is much lower than Aldar's and its book value is a lot higher," he added.
The Abu Dhabi Securities Exchange General Index gained 0.5 per cent to 2796.88 points.
halsayegh@thenational.ae
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Mercedes-AMG GT 63 S E Performance: the specs
Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor
Power: 843hp at N/A rpm
Torque: 1470Nm N/A rpm
Transmission: 9-speed auto
Fuel consumption: 8.6L/100km
On sale: October to December
Price: From Dh875,000 (estimate)
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
AUSTRALIA SQUAD
Tim Paine (captain), Sean Abbott, Pat Cummins, Cameron Green, Marcus Harris, Josh Hazlewood, Travis Head, Moises Henriques, Marnus Labuschagne, Nathan Lyon, Michael Neser, James Pattinson, Will Pucovski, Steve Smith, Mitchell Starc, Mitchell Swepson, Matthew Wade, David Warner
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The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity