Emaar Offers $3.4 Bn to Take Full Control of Emaar Development

Emaar Properties plans a voluntary cash offer of AED 15 per share to acquire the remaining stake in Emaar Development, potentially valuing the transaction at AED 12.6 billion.

Dubai-based Emaar Properties plans to acquire full ownership of its listed subsidiary, Emaar Development, through a voluntary cash offer worth up to AED 12.6 billion ($3.43 billion). The proposal aims to purchase the shares held by minority investors and consolidate the property development business under the parent company.

Emaar Properties intends to offer AED 15 per share for the outstanding shares it does not already own, including those held through its indirect wholly owned subsidiary, Emirates Property Holdings. The proposed offer values Emaar Development at approximately AED 60 billion ($16.34 billion). The transaction remains subject to approval by Emaar Properties’ board.

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Emaar Properties currently holds just over 79% of Emaar Development. The proposed acquisition would allow it to take complete control of the subsidiary, which focuses on residential communities and build-to-sell projects in Dubai. Its portfolio includes prominent developments such as Dubai Hills Estate, Arabian Ranches, Emaar South and The Valley.

The proposed price represents a premium over Emaar Development’s previous closing share price of AED 13.90. Following the announcement, shares of the subsidiary gained in market trading, reflecting investor interest in the potential transaction.

Full ownership could provide Emaar Properties with greater control over the cash flows generated by its residential development business. It may also offer additional flexibility to allocate capital towards international expansion, recurring-income assets and shareholder returns. However, the financial implications and final structure of the transaction will depend on the approval process and completion of the offer.

Emaar Development was listed on the Dubai Financial Market in November 2017, when Emaar Properties raised approximately AED 4.82 billion through the sale of a 20% stake. The listing was among Dubai’s major public offerings at the time.

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The proposed buyout comes amid changes in Emaar Properties’ shareholder structure. In May 2026, Dubai Holding became the parent company’s largest shareholder after acquiring a 22.27% stake from the Investment Corporation of Dubai.

The move also comes as Dubai’s real estate market navigates regional geopolitical and economic uncertainty. Emaar’s proposal signals its intention to strengthen control over its development operations while retaining flexibility to direct capital across its wider property portfolio.