In a 7.5 billion dirham ($2 billion) deal, Emaar Properties announced on Thursday that it was buying out its joint venture partner in a Dubai real estate development, making Dubai’s ruler the developer’s second-largest shareholder.
The leading developer in Dubai, Emaar, said in a statement that it has achieved an agreement with Dubai Holding, the investment vehicle of Sheikh Mohammed bin Rashid Al Maktoum, to purchase its part in their joint venture, Dubai Creek Harbour.
According to Rothschild & Co., Dubai Holding had no other financial advisors for the transaction.
According to its website, the finished area of the residential, retail, and commercial real estate development known as Dubai Creek Harbour will be 6 square kilometres. Due to the pandemic, construction on the property was put on hold in 2020; however, the real estate market in the emirate has since shown a significant recovery.
Emaar, the company that built the Burj Khalifa in Dubai, the highest building in the world, reported revenues in Dubai Creek Harbor of 3.6 billion dirhams in the first half of the year and 4.2 billion dirhams for the entire year 2021.
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