No merger between Sama, Dubai Properties

Sama Dubai, a subsidiary of Dubai Holding, has not merged with Dubai Properties and continues to exist as an independent entity, a top company executive said yesterday.

"We have consolidated our back office operations, but we have not merged. They exist as a legal entity and have their own books of account. We will just help them [Sama Dubai] to execute their projects," Hashim Al Dabal, Executive Chairman of Dubai Properties, said.

His comments came after London-based Middle East Economic Digest reported that Dubai Properties had taken over the management of Sama Dubai and was going in for a merger.

Al Dabal will be utilising the expertise of Dubai Properties in the execution of Sama Dubai's projects. "I will be wearing two hats now…" he said, adding, "We will also help them reactivate the Lagoons project, as well as their projects in Oman, Qatar and Bahrain."

Sama Dubai Executive Chairman Farhan Faraidooni said: "We remain an independent entity and we have not merged with Dubai Properties." In February, Faraidooni had ruled out a merger among the three real estate companies of Dubai Holding – Dubai Properties, Tatweer and Sama Dubai.

On plans to merge the real estate firms of Dubai Holding, Al Dabal said: "It is too early for a full merger to happen, but the holding company is looking for integrating the operations in near future."

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