Issue No 304 - 23 March 2009
JP Morgan to advice on Qatar property merger

Qatar Real Estate Investment Co (Alaqaria) said on Sunday it had appointed JP Morgan as the financial adviser for its proposed merger with Barwa Real Estate Co.

In January, Qatar's government ordered the two domestic property firms to merge, one of four consolidations announced in the world's biggest exporter of liquefied natural gas in recent months as the global financial crisis batters the Gulf.

Consolidation in the oil-exporting Gulf region has been on the rise since late last year as the financial crisis and an oil price slump ended an economic boom, forcing firms involved in everything from property to investment to search for ways to weather the downturn.
"Alaqaria has appointed JP Morgan to act as its exclusive financial advisor to conduct the necessary analysis," Qatar Real Estate said in a statement on the bourse website.

Barwa, an affiliate of state-owned Qatari Diar, and Alaqaria, in which the government owns a minority stake, said in January they were in the early stages of examining terms and conditions of the merger.

Source: Trade Arabia News

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