ADQ-backed Emirates Steel to merge with Arkan in a $2bn deal.

ADQ-backed Emirates Steel, the only integrated steel plant in the UAE, offered to merge with Arkan, a public joint stock company specialising in the manufacturing of building and construction products in the UAE, in a $2bn deal. The Board of Arkan will consider the transaction proposed by Senaat before making any recommendation to shareholders. Should an agreement be reached between the two parties, an Arkan general assembly meeting would consider approving the transaction during H2 2021. At this time, there is no certainty that any transaction will occur.