DUBAI: Emaar Properties said on Monday that the Investment Corporation of Dubai, the government’s main investment arm, had transferred its entire shareholding in the company to Emirates Power Investment LLC, a subsidiary of Dubai Holding, an investment conglomerate owned by the emirate’s ruler.
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Following the transaction, Emirates Power Investment now owns 22.27 percent of Emaar’s total issued shares, according to a company disclosure to the Dubai Financial Market.
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Emaar added that Dubai Holding Group’s total shareholding in the developer increased to 29.73 percent, making it the company’s largest shareholder.
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The company did not disclose the financial value of the transaction.
So Dubai Holding now owns nearly 30% of Emaar—wonder if this means more say in major projects like Dubai Creek Tower or just a passive investment?
Interesting that they didn’t disclose the transaction value. With 22.27% moving from ICD to Emirates Power, that must be billions changing hands quietly.
Consolidating Emaar under Dubai Holding makes sense for the emirate’s long-term vision, but I hope it doesn’t stifle the developer’s entrepreneurial edge.
Dubai has been at the center of developments like this before. Dubai remains a key location to watch in this context.