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Dubai Holding has become the largest shareholder in Emaar Properties after acquiring a 22.27 per cent stake from Dubai’s sovereign wealth fund in an off-market transaction valued at around USD 6.5 billion based on prevailing market prices. Following the transaction, Dubai Holding’s shareholding in Emaar has increased to 29.73 per cent. The deal reshuffles ownership within Dubai’s state-linked investment network while keeping overall government-backed ownership unchanged. Emaar, one of the Middle East’s largest listed developers, has a diversified portfolio spanning residential, commercial, retail and hospitality assets across multiple international markets. The transaction comes amid weakness in Dubai equity markets, with Emaar shares declining around 15 per cent since the beginning of the year.
Dubai Holding has become the largest shareholder in Emaar Properties after completing the acquisition of a 22.27 per cent stake from Dubai’s principal sovereign wealth fund, according to announcements made by the companies in the past week. Advertisement
Following the transaction, Dubai Holding’s ownership in Emaar has increased to 29.73 per cent, resulting in a reshuffling of shareholding within Dubai’s state-controlled investment framework. The transfer was executed as an off-market transaction, meaning the broader level of state-linked ownership in Emaar remains unchanged.
Although the companies did not disclose the financial terms of the transaction, the acquired stake was valued at approximately 23.9 billion dirhams, or around USD 6.5 billion, based on Emaar’s closing share price of 12.4 dirhams on Monday.
Dubai Holding stated that the acquisition reflected its confidence in Emaar’s market standing, quality of assets and long-term growth prospects. The company also indicated that the transaction underscored confidence in the broader fundamentals of Dubai’s economy and real estate sector.
Emaar is among the Middle East’s largest listed real estate developers and is traded on the Dubai Financial Market. The developer has a diversified portfolio spanning residential, commercial, hospitality and retail assets, with operations extending across the Middle East, North Africa, Asia and Europe.
The ownership restructuring comes at a time when Dubai’s equity markets have witnessed volatility. Emaar shares have declined around 15 per cent since the start of the year amid broader selling pressure across Gulf markets following Iranian strikes on Gulf states.
In early trading on Tuesday, Emaar shares were down 1.48 per cent at 11.96 dirhams, extending recent declines in the stock.
The transaction represents a strategic internal reallocation of holdings within Dubai’s government-linked investment ecosystem rather than a change in private ownership. Market participants have viewed the move as part of broader efforts by state-backed entities to optimise strategic asset ownership across Dubai’s investment platforms.
Dubai Holding is one of the emirate’s largest investment conglomerates with interests spanning real estate, hospitality, entertainment and infrastructure assets. Emaar, meanwhile, continues to remain central to Dubai’s property sector through its large-scale residential communities, retail destinations and hospitality portfolio, including several internationally recognised developments.
Source - Reuters
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