Emaar spends near Dh3b in major Dubai land deal

Dubai: Emaar is spending a substantial Dh2.98 billion to buy land in Ras Al Khor, as the Dubai master-developer goes about adding to an already substantial land bank in the city.

The deal for the new land was with Amlak Property Investment, the DFM-listed entity that is selling non-core operations as part of a tightly knit financial and operational restructuring.

This is the second big land deal announced by a leading Dubai developer this week - BinGhatti confirmed a purchase in Nad Al Sheba to develop a Dh25 billion portfolio at one of the emirate's legacy sites.

In 2022, Emaar had struck a deal with Dubai Holding to acquire Dubai Creek Harbour development in full. The cash-and-share deal was valued at Dh7.5 billion.

“The land purchase will support the company’s strategic growth objectives,” said an Emaar statement. “Acquiring this land will enable the company to expand its land bank portfolio and initiate new real estate projects aligning with its core business.”

Emaar already has lots on its plate, going by the enthusiastic investor response to its recent launches such as The Valley and The Oasis. The high-rises in Dubai Creek Harbour continues to add to Emaar's sales numbers.

Emaar sales backlog

The parent company Emaar Properties' revenue backlog increased to Dh127 billion end of Q1-2025, and that's from a 62% increase year-on-year.

The Ras Al Khor land deal will likely proceed on or before June 30. The expected closing date is July 31.