Emaar has signed a deal with Dubai Holding to fully acquire Dubai Creek Harbour, in a deal worth AED 7.5 billion.
According to a statement by Emaar, the deal will be paid equally in cash and shares which will make Dubai Holding their second largest shareholder.
An Emaar spokesperson 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.”
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.
According to a tweet from Dubai Holding, the partnership with Emaar Properties started in 2013 when they agreed to jointly develop Dubai Creek Harbour into a unique waterfront destination – a smart and sustainable mixed-use district of the future.
A spokesperson for Dubai Holding said: “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.”
The deal is expected to close on September 27.