Abu Dhabi-based Eshraq Properties announced that it is at advanced stages in discussions for the potential acquisition of Reem Investments’ entire business and assets.

Once complete, this transaction will create the second largest listed real estate developer in Abu Dhabi.

Eshraq's board of directors and Reem Investments said they believe that the acquisition 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,” according to a statement.

The acquisitions remains subject to a number of conditions however, including the final agreement of specific terms of the deal and price, as well as in obtaining the required regulatory approvals.

Eshraq is being advised by SHUAA Capital PSC as the financial advisor while Reem Investments is being advised by First Abu Dhabi Bank PJSC.