Emaar abandons merger with Dubai Holdings

The UAE's Emaar Properties has abandoned its plans to merge with Dubai Holdings. The two companies conducted feasibility studies into a consolidation over the past few weeks, but Emaar has now confirmed that these studies showed a merger was not practical in the current economic climate and the proposal has been ditched.

A statement issued by Emaar said the company's board of directors concluded from the feasibility studies that the discussed consolidation was not economically viable and therefore the company had decided not to proceed.