Mazaya Qatar Real Estate Development has called off its merger plans with Mackeen Holding, a closed Qatari shareholding firm, said a report.

The Qatari firms had last February announced their proposed merger following talks and consultations in this regard, reported The Peninsula.  

The duo had then agreed to commission an international specialist office to evaluate the assets of the two companies and then submit it before the two general assemblies for making the final decisions on how the merger should be executed, it stated.

However, Mazaya's board of directors last week decided not to go ahead with the move after economical and financial studies "demonstrated the absence of common benefits in this framework for both companies."

Mazaya's board of directors made the announcement in a regulatory filing to Qatar Exchange (QE), the report added.