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EMAAR and Dubai Holding Agree Dubai Creek Harbour Equity Swap

Emaar Properties has announced it will acquire Dubai Holding’s stake in its joint-venture Dubai Creek Harbour development with Dubai Holdings in a cash and shares deal that will make Sheikh Mohammed bin Rashid al-Maktoum’s personal investment portfolio the second largest shareholder in the Emirati developer in a deal worth AED 7.5 billion (USD 2.04 billion).

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. Dubai Creek Harbour has approximately 100 million sq. ft of future development which will provide future profit potential to Emaar.

Announcing the deal, a spokesperson for the group said: “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.”

A spokesperson of Dubai Holding added: “We are pleased to announce the sale of Dubai Creek Harbour to Emaar, subject to finalisation. This is 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. 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.”

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  • Staff Reporter

    FMIndustry.com covers the latest news, trends and opinion from the facilities management (FM) and corporate real estate (CRE) sectors. The FM market is currently estimated to be worth USD 1 trillion annually and is projected to grow at a compounded annualised rate of approximately 5% between now and 2026.

CAMFIL HVAC Filtration Solutions

Staff Reporter

FMIndustry.com covers the latest news, trends and opinion from the facilities management (FM) and corporate real estate (CRE) sectors. The FM market is currently estimated to be worth USD 1 trillion annually and is projected to grow at a compounded annualised rate of approximately 5% between now and 2026.
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