Dubai Development, a partially state-owned real estate developer that is listed on the Dubai Financial Market (DFM), announced that it is currently seeking offers for merger or acquisition.
The company, which developed the Mirdif residential area of Dubai, said that the move followed a strategic review and has received approval from its shareholders and board.
Formed in 1975 to support the residential development of Dubai, and listed on the DFM in 2007, the company is partly owned by Dubai Government, the Al Mulla Group, and the Al Owais family.
The company has completed all its real estate projects and no further projects are currently under consideration, it said in a statement.
“Having fulfilled the company’s original mission, Dubai Development Company’s board has reviewed all the possible strategic options for the future direction of the company and has agreed to invite and consider further offers and bids from interested parties to merge with or acquire the company, in order to optimise the value of returns for shareholders.
“The company believes merger or acquisition would be the preferred option and would help keep the company a going concern,” the statement said.
The board has already identified “several” interested parties who “recognise the potential investment value of the name and the goodwill of Dubai Development Company,” it added.
Emirates NBD Capital is advising Dubai Development on this matter.