DUBAI: Abu Dhabi developers Eshraq Properties and Reem Investments on Wednesday said they were in advanced stages of merger talks to create the second-largest listed developer in the emirate.
The deal would involve Reem Investments’ subscription to a new share issuance from Eshraq, which in turn will acquire Reem Investments’ entire business and all of its assets, the two property firms said in a joint statement.
The transaction remains subject to a number of conditions, including the final agreement of specific deal terms including the pricing, as well as obtaining the required regulatory approvals, Eshraq also said in a disclosure to the Abu Dhabi stock exchange.
“The potential transaction is expected to be beneficial to the shareholders of both companies resulting in synergies derived from integrating their operational and financial resources and as well as combining their management experience and expertise,” the boards of the two companies said in the statement.
Eshraq is being advised by Shuaa Capital and Reem Investments by First Abu Dhabi Bank in the merger talks. They did not disclose when the deal would be finalized.
Eshraq Properties early this month its first profit at Dh636,000 in the second-quarter, compared with a Dh101.4-million loss in the same period of last year. The company also had asset base of Dh1.462 billion during the period ended June.
Unlisted Reem Investments meanwhile had assets worth Dh5.3 billion at the end of last year and a net profit of Dh216 million, an increase of 2 percent over 2015, according to financial figures posted in its website.
Abu Dhabi developers Eshraq Properties and Reem Investments in advanced merger talks
Abu Dhabi developers Eshraq Properties and Reem Investments in advanced merger talks
Silver crosses $77 mark while gold, platinum stretch record highs
- Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
- Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years
Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.
Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation as a US critical mineral, and strong investment inflows.
Spot gold was up 1.2% at $4,531.41 per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.
“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Markets are anticipating two rate cuts in 2026, with the first likely around mid-year amid speculation that US President Donald Trump could name a dovish Fed chair, reinforcing expectations for a more accommodative monetary stance.
The US dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.
On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.
“$80 in silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next year,” Grant added.
Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.
On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.
Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.
All precious metals logged weekly gains, with platinum recording its strongest weekly rise on record.
