In a 7.5 billion dirham ($2 billion) deal, Emaar Properties announced on Thursday that it was buying out its joint venture partner in a Dubai property development. As a result, the ruler of Dubai will move up to the developer’s second-largest stakeholder position.

The leading developer in Dubai, Emaar, said in a statement that it has achieved an agreement with Dubai Holding, the investment vehicle of Sheikh Mohammed bin Rashid Al Maktoum, to purchase its part in their joint venture, Dubai Creek Harbour.

Dubai Holding would become Emaar’s second-largest stakeholder after the acquisition. Which cash & Emaar shares, according to Emaar, would fund equally. Just after the stock market had closed, the announcement was made. Refinitiv, a data source, reports that Emaar shares have increased 16.5% to 5.7 dirhams so far this year.

How many stocks Dubai Holding will hold was not immediately clear. Emirate’s sovereign wealth fund currently owns 24.07% of Emaar, or around 1.97 million shares, as per Refinitiv, the Investment Corporation of Dubai. According to Rothschild & Co, Dubai Holding received financial advice only from them on the purchase.

According to their website, Dubai Creek Harbour would include 6 square kilometers once it is finished as a residential, retail, & commercial real estate development. The pandemic caused a delay in project development in 2020. However, the real estate industry in the emirate has since experienced a significant recovery.

In H1 of the year, sales in Dubai Creek Harbor totaled 3.6 billion dirhams, and in the entire year of 2021. They were 4.2 billion dirhams, according to Emaar, the company that built the Burj Khalifa, the highest building in the world, in Dubai.

The Prime Minister and vice president of the United Arab Emirates are both Sheikh Mohammed bin Rashid. As part of an effort to increase activity on its stock market, Dubai recently listed shares in state-owned companies, and further listings are anticipated.