Dubai-based Arabtec Holding is in talks to appoint UBS as a financial advisor for its potential merger with construction company Trojan Holding LLC, Arabtec said in a statement to the Dubai bourse on Tuesday.
The announcement comes just a month after Arabtec said it had started preliminary studies to merge with Trojan.
In early September, Arabtec, which helped build Burj Khalifa – the world’s largest tower – said that it was studying the “possibility of combining their construction businesses.”
Abu Dhabi-based Trojan Holding was founded in 2012, and has worked on building several projects, including Rove Hotel in Dubai, Cranleigh School in Abu Dhabi, and the Viceroy Hotel, among others.
According to its website, Arabtec was founded in 1975 and has also worked on the construction of Emirates Palace Hotel, Louvre Abu Dhabi Museum, and Abu Dhabi Landmark. It is currently working on the UAE Pavillion, as well as the Midfield Terminal Building in Abu Dhabi.
Arabtec’s shares were last trading 2.56 percent higher on the Dubai Financial Market.