Dubai Holding has acquired the Investment Corporation of Dubai's entire 22.27% stake in Emaar Properties, making it the developer's largest shareholder with 29.73%, the two Dubai government-owned groups said on 12 May after Emaar disclosed the transfer to the Dubai Financial Market.
Why Dubai Holding (via Emirates Power Investment) is buying Emaar Properties PJSC (22.27% stake)
Dubai Holding described the purchase as a strategic investment reflecting confidence in Emaar's market position, asset quality and long-term growth prospects and in Dubai's economy and real-estate sector, and said it reinforced a long-standing partnership spanning several joint ventures. It also increases its exposure to Emaar's malls, hotels, entertainment venues and residential communities.
Deal terms and financing
The shares were transferred to Emirates Power Investment, a wholly owned Dubai Holding subsidiary, and ICD no longer holds any Emaar shares. No price was disclosed; based on Emaar's latest closing share price the stake was worth about AED23.9bn, or $6.5bn.
Regulatory approvals and timing
The transaction was completed when announced, with Emaar notifying the Dubai Financial Market of the change in its shareholding.
Market context
Dubai Holding became a major Emaar shareholder in 2022, when Emaar bought full ownership of Dubai Creek Harbour in an AED7.5bn deal that included issuing shares to Dubai Holding. Emaar reported first-quarter 2026 property sales of AED22.4bn, up 16% year on year. Dubai Holding has more than AED500bn of assets across over 30 countries.
