On Thursday, August 11 2022, Dubai’s Emaar property announced they were buying Dubai Creek Habour in 7.5 Billion AED. It was buying out its partner in a Dubai real estate development partnership. Additionally, the deal affected Dubai Holding becoming Emaar’s second largest shareholder.
In addition to being the second largest, Emaar Properties’s deal is also equally financed by cash and Emaar shares. Emaar, the emirate’s top developer, announced in a statement that it had signed an agreement with Dubai Holding. Sheikh Mohammed bin Rashid Al Maktoum’s investment tool, to purchase a shareholding in their Dubai Creek Harbour joint venture.
As announced on their website stated that; Dubai Creek Harbour, a residential, retail, and commercial real estate development is expected to span 6 square kilometers when completed. The project was delayed in 2020 because of the pandemic, but Dubai real estate market has since rebounded strongly. In the other way, Emaar still build the world highest tower as Burj Khalifa in Dubai. It also has announced it acquired 3.6 billion dirhams in Dubai Creek Harbor in half of the year, and 4.2 billion dirhams in total in 2021.
According to Reuters, they explained the effect of this situation that the news was delivered after the stock market had closed. According to statistics provider Refinitiv, Emaar stocks surge up to 16.5% this year to 5.7 dirhams.