Al Mazaya Holding, a Kuwait-based property company, said today it had started exploring the possibility of merging a subsidiary back into the main company as the regional property market is slowed by the global financial crisis.

The company said in a statement on the Kuwait Stock Exchange that it had signed a memorandum of understanding with First Dubai Real Estate to initiate merger discussions. Al Mazaya owns 67% of First Dubai, with the rest owned by Global Investment House in Kuwait and public shareholders.

The National