Emaar Properties announced Thursday it would fully acquire Dubai Creek Harbour, the major development located along the historic Dubai Creek waterfront, from Dubai Holding for a price of AED 7.5 billion ($2 billion) to be paid equally in cash and shares of Emaar Properties, thus making Dubai Holding the second largest shareholder of Emaar.
It is expected that Emaar will profit from 100 million square feet of future development at Dubai Creek Harbour.
Emaar recorded sales of AED 4.2 billion in 2021 and AED 3.6 billion sales in Dubai Creek Harbour in the first half of 2022.
“The purchase agreement with Dubai Holding represents another important achievement in Emaar’s rich history as we continue to expand our strategic land bank and build sustained value for our shareholders,” a spokesperson of Emaar said. “We are determined to support the Government’s vision for sustainable urban development in Dubai while providing a redefined experience for residents and visitors.”
A spokesperson of Dubai Holding said this was a landmark transaction that benefits both parties.
“As joint venture partners, we have created meaningful value in Dubai Creek Harbour, and the transaction represents a significant monetisation for us,” he said. “We look forward to our investment in Emaar as a reference shareholder and the diversification benefits it offers, and we are confident that Dubai Creek Harbour will continue to reach greater heights and success.”