Middle East

Emaar Acquires Dubai Creek Harbor from Dubai Holding for $2 Billion

Emaar Properties, Dubai’s largest listed developer, will acquire Dubai Creek Harbor from Dubai Holding for AED 7.5 billion ($2 billion).

The transaction will be paid equally in cash and Emaar Properties shares and Dubai Holding will become Emaar’s second largest shareholder, the company said in a statement.

Emaar recorded sales of AED 4.2 billion in 2021 and AED 3.6 billion in Dubai Creek Port in the first half of 2022.

Located along the historic Dubai Creek waterfront, Dubai Creek Harbor will have approximately 100 million square feet of future development, offering future profit potential for Emaar, the statement said.

A Dubai Holding spokesperson said: “We are pleased to announce the sale of Dubai Creek Harbor to Emaar, subject to a final decision.

“We look forward to our investment in Emaar as a reference shareholder and the diversification benefits it offers and are confident that Dubai Creek Harbor will continue to achieve further heights and success,” the spokesperson said. I’m here.

An Emaar spokesperson said, “We are determined to support the government’s vision for sustainable urban development in Dubai while delivering a redefined experience for residents and visitors.” I was.

Emaar Properties is a global real estate developer with 1.7 billion square feet of land banks in the UAE and major international markets.

Since 2002, the developer has delivered over 86,200 residential units in Dubai and other global markets.

http://www.eyeofriyadh.com/news/details/emaar-to-buy-dubai-creek-harbour-from-dubai-holding-for-2bn-half-in-shares Emaar Acquires Dubai Creek Harbor from Dubai Holding for $2 Billion

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