Aldar, Sorouh In Due Diligence On Possible Merger

Abu Dhabi’s Aldar Properties and Sorouh Real Estate have announced due diligence has begun on the potential state-backed merger of indebted, Reuters has reported.

“A due diligence process is now underway to assess in detail the implications for all stakeholders and this process will take a number of months,” the companies said. The two developers also named advisors to the two sides with Credit Suisse advising Aldar while Morgan Stanley is working with Sorouh.

Goldman Sachs and National Bank of Abu Dhabi are advisors to the steering committee overseeing the proposed tie-up.