Emaar signs deal with Dubai Holding to acquire Dubai Creek Harbour

Dubai’s Emaar Properties announced it would fully acquire Dubai Creek Harbour from Dubai Holding for a consideration of Dhs7.5bn.

The deal would be equally financed in cash and Emaar shares and will make Dubai Holding the second largest shareholder of Emaar.

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.

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

“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.

While a spokesperson of 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.”

Market sources confirm that Rothschild & Co is acting as sole adviser to Dubai Holding on the transaction.

Read: Dubai’s Emaar Properties records 241% increase in net profit for Q1 2022