RIYADH: Dubai's biggest listed developer, Emaar Properties, will acquire Dubai Creek Harbour from Dubai Holding for 7.5 billion dirhams ($2 billion).
The deal, to be paid equally in cash and shares of Emaar Properties, will make Dubai Holding the second largest shareholder of Emaar, the company said in a statement.
Emaar recorded sales of 4.2 billion dirhams in 2021 and 3.6 billion dirhams sales in Dubai Creek Harbour in the first half of 2022.
Located along the historic Dubai Creek waterfront, Dubai Creek Harbour has approximately 100 million sq. ft of future development which will provide future profit potential to Emaar, the statement said.
“We are pleased to announce the sale of Dubai Creek Harbour to Emaar, subject to finalisation,” a spokesperson of Dubai Holding 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,” the spokesperson 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 Emaar said.
Emaar Properties is a global property developer, with a land bank of 1.7 billion sq. ft. in the UAE and key international markets.
The developer has delivered over 86,200 residential units in Dubai and other global markets since 2002.