Dubai denies news report about mergers

Dubai: The Government of Dubai denies media reports it is in talks with Abu Dhabi on merging the assets of the two emirates, according to a Dubai Media statement late on Friday.

The Dubai Government urges media outlets to verify the accuracy of information and the credibility and trustworthiness of its sources before publishing such stories.

Dubai is mounting a concerted effort to help all its sectors rebound from the impact of the worldwide crisis and ease the economic strains caused by the pandemic, which have been experienced by countries across the globe.

Reuters reported that the governments of Abu Dhabi and Dubai are likely to link up mega-assets in the two emirates, with Abu Dhabi’s Mubadala fund getting to play a key role.

“The most likely deal to happen in the near term is a merger of the local stock markets,” Reuters reported.