The Dubai developer Emaar Properties behind the world’s tallest building plans to merge with three rivals owned by the Dubai rulers. The deal marks a push to shore up the Dubai property market which has seen downtrend due to current economic and financial crisis worldwide. The proposed merger companies are Dubai Holding subsidiaries Dubai Properties, Samar Dubai and Tatweer. According to sources the proposed merger can create a company with an asset base of around $ 53 billion.

Analysts see this move as strategic for both Emaar and the Dubai property sector. By consolidating these players with Emaar, it would be easier to facilitate execution of their development pipelines, given Emaar’s track record of deliverability, while also providing greater control over the supply of new units. “Such consolidation should help to create stronger entities that are better able to weather any further crises” said a research note released by Mideast investment bank.

Emaar is perhaps best known for Burj Dubai, the world’s tallest building which is still unfinished. The company is also developing the King Abdullah Economic City in Saudi Arabia and is overseeing development of the Kingdom Tower, a kilometer-tall (3,281 foot) building being spearheaded by Kingdom Holding Co., the company headed by Saudi billionaire Prince Alwaleed bin Talal.