Emaar Properties has announced an agreement with Dubai Holdings to fully buy Dubai Creek Harbour, a new development located along the historic Dubai Creek shoreline, for AED7.5 billion ($2.04 billion) in cash and Emaar shares. As a result, Dubai Holding will become Emaar’s second-largest stakeholder. The transaction is scheduled to conclude on September 27.
Overlooking the waterway, Dubai Creek Harbour offers breath-taking views of the Burj Khalifa and the Downtown area. It comprises 7.3 million square metres of residential space, 711,399 square metres of serviced apartments, and 700,000 square metres of parks and open spaces. It is about five minutes away from the Ras Al Khor nature reserve and ten minutes from Dubai International Airport.
Dubai Creek Harbour, a large development along the emirate’s shoreline, has 78.5 million square feet of residential area and will accommodate 200,000 people when completed.
The announcement included no more financial information, such as the quantity of shares Emaar is issuing. According to Reuters, the Investment Corporation of Dubai now holds 24.07% of Emaar or around 1.97 million shares.
“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,” an Emaar representative said. “We are determined to support the government’s vision for sustainable urban development in Dubai while providing a redefined experience for residents and visitors.”
Dubai’s housing market has recovered strongly from the pandemic-induced slump as the UAE’s economy strengthens, aided by fiscal and monetary policies. The market saw 25,972 property transactions in the first quarter of this year, the most since 2010, according to Mo’asher, the emirate’s official sales price index published by the Dubai Land Department in collaboration with Property Finder.
