Emaar Properties has announced that it will fully acquire Dubai Creek Harbour, the major development located along the historic Dubai Creek Waterfront.

The deal will see Emaar acquire the project from Dubai Holding for a consideration of AED 7.5bn to be paid equally in cash and shares of Emaar Properties, making Dubai Holding the second largest shareholder of Emaar.

Emaar recorded sales of AED 4.2bn in 2021 and AED 3.6bn sales in Dubai Creek Harbour in the first half of 2022. Dubai Creek Harbour has approximately 100 million square feet of future development which will provide future profit potential to Emaar.

A spokesperson of Emaar 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 build sustained value for our shareholders. We are determined to support the Government’s vision for sustainable urban development in Dubai while providing a redefined experience for residents and visitors.”

A spokesperson of Dubai Holding said: “We are pleased 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 meaningful value in Dubai Creek Harbour, and the transaction represents a significant monetisation for us. We look forward to our investment in Emaar as a reference shareholder and the diversification benefits it offers, and we are confident that Dubai Creek Harbour will continue to reach greater heights and success.”