Emaar says merger will create $52.8 billion giant

DUBAI, June 29, SPA -- Emaar Properties yesterday said its merger
with three Dubai companies would create a giant real estate group
with an asset base of AED194 billion ($52.8 billion) and a debt of
AED13.4 billion, or roughly 7 percent of the total assets.

In a letter posted yesterday on the Dubai Financial Market's
website, Emaar Chairman Mohammed Alabbar said its proposed merger
with Dubai Holding subsidiaries Dubai Properties LLC, Samar Dubai LLC
and Tatweer LLC would take up to four months.

"The proposed consolidation would create a robust and strategic
asset base while joining the strengths" of the various companies,"
Alabbar said.

--SPA