Dubai’s Emaar Properties agreed to fully acquire Dubai Creek Harbour from Dubai Holding for 7.5 billion dirhams ($2.04 billion).
Dubai’s Emaar, the emirate’s top developer, said in a statement it had reached a deal with Dubai Holding, Sheikh Mohammed bin Rashid Al Maktoum’s investment vehicle, to buy its stake in their Dubai Creek Harbour joint venture.
The deal would be equally financed in cash and Emaar shares, Emaar said.
The announcement was made after the stock market had closed. Emaar shares are up 16.5 percent so far this year to 5.7 dirhams, according to data provider Refinitiv.
Rothschild & Co said it was the sole financial advisor to Dubai Holding on the deal.
Dubai Creek Harbour, a residential, retail, and commercial real estate development are expected to cover 6 square kilometers once completed, according to its website. Development of the project stalled in 2020 due to the pandemic, though the emirate’s real estate market has since rebounded strongly.
Emaar, which built the world’s tallest tower, the Burj Khalifa in Dubai, said it recorded 3.6 billion dirhams in sales in Dubai Creek Harbor in the first half of the year, and 4.2 billion dirhams in all of 2021.