Emaar Properties announced that it hasd become the sole owner of the ambitious Dubai Creek Harbour project. The company has acquired Dubai Holding from the joint venture in a $2 billion deal.
This deal will “allow Emaar full control over the strategically located land assets of Dubai Creek Harbour” and provide control over the future profit potential from the development of approximately 100 million sq. feet of property.
According to the reports, in exchange for Dubai Holding’s share in the joint venture, 50% will be paid in cash, divided into three equal instalments, and the rest will be paid in the form of shares of Emaar.
This exchange of shares will, in turn, make Dubai Holdings the second biggest stakeholder in Emaar after Investment Corporation of Dubai, which owns a 24.07% stake or about 1.97 million shares.
The Dubai Creek Harbour is located along the Emirate’s waterfront and is one of the significant upcoming development projects with 78.5 million square feet of residential space. The project is expected to house 200,000 people once it’s complete.
“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,” an Emaar spokesperson said.
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