Emaar Properties will fully acquire Dubai Creek Harbor, the major development located along the historic Dubai Creek waterfront, from Dubai Holding at a consideration of $2 billion.
According to a statement by Emaar, the deal will be paid equally in cash and shares which will make Dubai Holding, the investment vehicle of Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, PM of UAE and Ruler of Dubai their second largest shareholder.
Emaar recorded sales of $1.14 billion in 2021 and $980 million sales in Dubai Creek Harbor in the first half of 2022. Dubai Creek Harbor has approximately 100 million square feet of future development which will provide future profit potential to Emaar.
“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. We are determined to support the Government’s vision for sustainable urban development in Dubai while providing a redefined experience for residents and visitors,” an official from Emaar Properties said.
According to a Dubai Holding’s Spokesperson, “We are pleased to announce the sale of Dubai Creek Harbor to Emaar, subject to finalization. This is a landmark transaction that benefits both parties. As joint venture partners, we have created meaningful value in Dubai Creek Harbor, and the transaction represents a significant monetization for us. 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 Harbor will continue to reach greater heights and success.”