Doha: Qatar Exchange (QE) listed firm Mazaya Qatar Real Estate Development Company and Mackeen Holding, a Qatari shareholding company, have announced their plan to merge.
The two rims announced their decision to merge after talks and agreed to the entrust an assessor to evaluate the assets of the two companies ahead of submitting the details to the general assembly to make a final decision on the merger, a notification issued by the Qatar Exchange has said.
The QE notification proposed merger is expected during the first of 2014 after finalisation of the process.
The planned merger is in consonance with the real estate and economic boom in the State of Qatar, the notification said, and added the strength of the country’s economy necessitated the creation of entities that are able to keep pace with this boom and help achieve the Qatar National vision 2030.
In a joint statement issued by the two companies, Mazaya Qatar Real Estate Chairman Rashid bin Fahad Al Nuaimi said, “The merger is based on the conviction of the two companies to build a strong entity qualified to perform and contribute effectively to the development of the national economy by deploying strategic resources, expertise and human resources.”
QNA
