Dubai’s Emaar Properties Fully Acquires Dubai Creek Harbour
- Publish date: Friday، 12 August 2022 | Last update: since 4 days
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Dubai’s Emaar Properties buying Dubai Creek Harbour from Dubai Holding for a consideration of AED 7.5bn.
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The deal would be equally financed in cash and Emaar shares and will make Dubai Holding the second largest shareholder of Emaar.
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“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,” said a spokesperson from Emaar.
Today, we have agreed to sell our Dubai Creek Harbour stake to Emaar Properties PJSC.@emaardubai pic.twitter.com/usmVerUf9W
— Dubai Holding (@dubaiholding) August 11, 2022
Emaar recorded sales of Dhs4.2bn in 2021 and Dhs3.6bn sales in Dubai Creek Harbour in the first half of 2022.
Dubai Creek Harbour, a residential, retail and commercial real estate development, has approximately 100 million square feet of future development, which will provide future profit potential to Emaar.