Mega Agreement With Dubai Holding Is Anticipated To Finalize On September 27.

Dubai Holding will become Emaar Properties PJSC’s second-largest shareholder after Emaar Properties PJSC revealed on Thursday that it would increase its preference for Dubai Creek Harbour. Significant development along the waterfront of historic Dubai Creek, from Dubai Holding for a consideration of Dh7.5 billion. The deal will give Emaar “complete control of the strategically placed land resources of Dubai Creek Harbour. Including entitlement to 100% of its generated earnings,” the business stated in a statement to the Dubai Financial Market.

The Transaction Will Complete On September 27

Emaar reported sales of Dh3.6 billion in Dubai Creek Harbour during the first half of 2022 and Dh4.2 billion in 2021. About 100 million square feet of future development at Dubai Creek Harbour will allow Emaar to make money in the future.

“As we continue to build our strategic land bank and give our shareholders long-term value. shareholders. The acquisition agreement with Dubai Holding symbolizes another significant accomplishment in Emaar’s illustrious history. A spokeswoman for Emaar stated in a statement, “We are steadfastly committed to supporting the government’s aim for sustainable urban growth in Dubai while offering a redefined experience for residents and visitors.

According to a representative for Dubai Holding, “We are happy to announce the purchase of Dubai Creek Harbour to Emaar, subject to finalization. Both parties gain from this historic transaction. The purchase represents a substantial monetization for us as joint venture partners who have added significant value to Dubai Creek Harbour. We are excited with our reference shareholder position in Emaar and the benefits of diversification it brings. In addition, we are convinced that Dubai Creek Harbour will keep growing and succeeding.