Dubai – Mubasher: Emaar Properties plans to fully acquire Dubai Creek Harbour from Dubai Holding in exchange for AED 7.50 billion that will be paid equally in cash and shares of Emaar.
Following the transaction, Dubai Holding will be the second largest shareholder of Emaar Properties, according to a recent press release.
During the first half (H1) of 2022, the DFM-listed firm registered sales worth AED 3.60 billion in Dubai Creek Harbour, after it generated AED 4.20 billion in 2021.
Dubai Creek Harbour has nearly 100 million square feet of future development which would benefit the UAE-based property developer with potential profit.
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.”
Meanwhile, a spokesperson of Dubai Holding, noted: “This is a landmark transaction that benefits both parties.”
In January-June 2022, the net profit attributable to the owners of Emaar Properties jumped to AED 4.30 billion, compared to AED 1.56 billion in the year-ago period.