Emaar to buy Dubai Creek Harbour from Dubai Holding for $2bn

Dubai’s biggest listed developer Emaar Properties agreed to fully acquire Dubai Creek Harbour from Dubai Holding for Dh7.5 billion ($2.04bn).

The amount will be paid equally in cash and shares of Emaar Properties, thus making Dubai Holding the second largest shareholder of Emaar, the entities said in a joint statement on Thursday.

The 50 per cent payment in cash includes a deferred payment of Dh1.25bn payable in three equal instalments arranged from available cash and banking facilities, Emaar said in a statement to the Dubai Financial Market, where its shares are traded.

The deal is expected to close on September 27.

“The transaction will be beneficial to Emaar shareholders as it will allow Emaar full control over the strategically located land assets of Dubai Creek Harbour, including entitlement to 100 per cent of its generated profit,” the company said.

READ MORE : https://www.thenationalnews.com/business/property/2022/08/11/emaar-to-buy-dubai-creek-harbour-from-dubai-holding-for-2bn/