[ad_1]
Emaar Properties has announced that it will fully acquire Dubai Creek Harbour, a major development located on the historic Dubai Creek waterfront, from Dubai Holding for a consideration of AED7.
The deal will make Dubai Holding the second largest shareholder in Emaar.
Emaar has sales of AED4.2 billion in 2021 and AED3.6 billion in Dubai Creek Harbour in the first half of 2022. The future development of Dubai Creek Harbour will be around 100 million square feet, which will provide Emaar with future earnings potential.
An Emaar spokesperson said: “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 create ongoing value for our shareholders. We are determined to Supporting the government’s vision for sustainable urban development in Dubai, while delivering a redefining experience for residents and visitors.”
A spokesman for Dubai Holdings said: “We are delighted 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 a Meaningful value, this deal is a significant monetization for us.
“We look forward to our investment in Emaar as a reference shareholder and the diversified benefits it provides, and we are confident that Dubai Creek Harbour will continue to achieve greater heights and success.” – arab trade news agency
[ad_2]
Source link