The deal expands Dubai Holding’s exposure to malls, hotels, and residential developments.
DUBAI: Dubai Holding has become the largest shareholder in Emaar Properties after acquiring a 22.27% stake from the Investment Corporation of Dubai in a transaction valued at around Dh23.9 billion ($6.5 billion), based on Emaar’s latest closing share price.
The transaction raises Dubai Holding’s stake in the Dubai-listed developer to 29.73%, increasing its exposure to some of the emirate’s key income-generating assets across property, retail, and hospitality.
Dubai Holding said the acquisition reflects confidence in Emaar Properties’ strong fundamentals, market-leading development expertise, and long-term growth prospects. It added that the move aligns with its strategy of building a diversified global investment portfolio aimed at delivering sustained long-term value.
The transfer was completed through Emirates Power Investment, a wholly owned subsidiary of Dubai Holding. Following the transaction, the Investment Corporation of Dubai no longer holds shares in Emaar Properties, which will continue to operate as a separately listed company on the Dubai Financial Market.
Ownership shift
The deal reshapes the ownership structure of one of Dubai’s most significant listed developers, whose portfolio spans residential projects, retail centres, hotels, and entertainment assets.
Dubai Holding has expanded its footprint across key sectors in recent years through acquisitions, IPO activity, and portfolio restructuring. Earlier this year, Dubai Electricity and Water Authority acquired Dubai Holding’s 24% stake in Emirates Central Cooling Systems Corporation (Empower) for Dh5.18 billion, increasing its ownership in the district cooling company to 80%.
Dubai Holding also launched the IPO of Dubai Residential REIT as part of efforts to monetise rental income assets and broaden investor participation in Dubai’s real estate sector.
Similar restructuring activity has been seen elsewhere in the UAE. Abu Dhabi National Oil Company (ADNOC) transferred majority stakes in several listed subsidiaries to its international investment arm XRG in late 2025, as part of efforts to centralise international energy and chemicals investments.
Why Emaar matters
Emaar Properties remains one of Dubai’s most important corporate assets due to its central role in the emirate’s property, tourism, and retail sectors.
Emaar Properties owns and operates major landmark assets including the Burj Khalifa and The Dubai Mall, along with hotels, shopping centres, and master-planned residential communities across the Middle East, North Africa, Asia, and Europe.
Beyond property sales, Emaar generates significant recurring income from its malls, hospitality assets, entertainment venues, and community management operations.
The company has benefited from sustained demand in Dubai’s real estate sector, driven by tourism growth, strong international investor interest, and population expansion. Emaar recently reported first-quarter property sales of Dh22.4 billion, up 16% year-on-year, while revenue rose 23% to Dh12.4 billion.
Existing ties deepen
Dubai Holding already held a significant stake in Emaar Properties prior to the latest transaction. In 2022, Dubai Holding became a major shareholder after Emaar acquired full ownership of Dubai Creek Harbour in a Dh7.5 billion deal that included a share issuance to Dubai Holding.
That agreement strengthened collaboration between the two groups on large-scale mixed-use developments aligned with Dubai’s residential and tourism expansion strategy. The latest stake increase further deepens Dubai Holding’s exposure to residential communities, destination retail, hospitality, and entertainment assets tied to Dubai’s growing visitor economy.
Dubai Holding manages a portfolio valued at over Dh500 billion across more than 30 countries, spanning real estate, hospitality, entertainment, media, and retail sectors.
Property market boom
The transaction comes amid continued strength in Dubai’s property market, with robust transaction volumes across residential, hospitality, and commercial segments. Developers in Dubai have benefited from sustained demand for premium housing, rising tourism activity, and ongoing business inflows into the emirate.
Analysts continue to see property and tourism-related sectors as central to Dubai’s economic growth, especially as infrastructure expansion and large-scale master developments progress across the city.
The increased stake in Emaar Properties gives Dubai Holding deeper exposure to recurring real estate income streams, alongside Dubai’s expanding residential and tourism development pipeline.
