UAE’s Emaar Fully Acquires Dubai Creek Harbor

UAE’s Emaar Fully Acquires Dubai Creek Harbor

Shareholders of Emaar Properties approved the acquisition of Dubai Creek Harbor from Dubai Holding, state news agency WAM reported.

They also approved the sale of Namshi to Noon for a total cash consideration of AED 1.231 billion ($335.2 million), representing a premium of AED 127 million on the total investment by Emaar Malls Management in Namshi.

Shareholders approved a motion to acquire assets from Dubai Holding and the issuance of a mandatory convertible bond with an aggregate value of AED 3,750,000,000 to Dubai Holding.

The mandatory convertible bond will be convertible into 659,050,967 new shares in Emaar Properties PJSC, and the Company's share capital shall be increased to AED 8,838,789,849 on the conversion of a such mandatory convertible bond.

The transaction is expected to close in the coming months.

"Today's general assembly meeting represents the final step in the completion of two high-profile transactions for Emaar, which both reflect the company's ongoing strategy to maximize the core business, while continuing to offer outstanding value for our shareholders," an Emaar spokesperson said.