Business | Property

Deyaar studies takeover, merger plans

Deyaar Development may take over or merge with other regional developers as the global credit crisis turns up "good value deals," the company's chief executive officer said.

  • Bloomberg
  • Published: 00:43 October 7, 2008
  • Gulf News

Dubai: Deyaar Development may take over or merge with other regional developers as the global credit crisis turns up "good value deals," the company's chief executive officer said.

"There are a lot of distressed assets in the market," Markus Giebel said in an interview in Dubai on Monbday. We could buy "land or another company that can assist in our global expansion. We are looking more at international companies but a good deal is a good deal."

Dubai's real estate industry may consolidate after five years of steep gains as the global credit crunch hits the Arabian Gulf.

Home prices in Dubai are likely to remain flat until 2010, Colliers CRE said on Monday. State-controlled Deyaar may merge with Dubai-based developer Union Properties, Zawya Dow Jones reported, citing people familiar with the plans.

Giebel declined to comment on specific merger plans.

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