Emaar Properties said on Thursday it was buying out its joint venture partner in a Dubai real estate development in a 7.5 billion dirham ($2 billion) deal that will see the Dubai ruler become the developer's second largest shareholder.
The logo of Dubai's Emaar Properties is seen on a building in Dubai, United Arab Emirates, January 12, 2018. REUTERS/Ahmed Jadallah/File Photosaid on Thursday it was buying out its joint venture partner in a Dubai real estate development in a 7.5 billion dirham deal that will see the Dubai ruler become the developer's second largest shareholder.
The deal would be equally financed in cash and Emaar shares, making Dubai Holding its second biggest shareholder, Emaar said.The announcement was made after the stock market had closed. Emaar shares are up 16.5% so far this year to 5.7 dirham a share, according to data provider Refinitiv. Dubai Creek Harbour, a residential, retail and commercial real estate development, is expected to cover 6 square kilometres once completed, according to its website. Development of the project stalled in 2020 due to the pandemic, though the emirate's real estate market has since rebounded strongly.
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