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

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

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.