Why Dubai Holding became Emaar’s top shareholder after Dh24 billion stake transfer?

Dubai: Dubai Holding become the largest shareholder in Emaar Properties after acquiring a 22.27% stake from the Investment Corporation of Dubai in a deal valued at about Dh23.9 billion ($6.5 billion), based on Emaar’s latest closing share price.

The transaction increases Dubai Holding’s ownership in the Dubai-listed developer to 29.73%, giving it greater exposure to some of the emirate’s biggest income-generating property, retail and hospitality assets.

Dubai Holding said in a statement that the acquisition “reflects confidence in Emaar’s strong fundamentals, market-leading development expertise and long-term growth potential.” The company added the move aligns with its strategy of “building a diversified global investment portfolio focused on creating long-term value.”

The transfer was completed through Emirates Power Investment, a wholly owned subsidiary of Dubai Holding. Following the transaction, ICD no longer holds shares in Emaar. Emaar will continue operating as a separately listed company on the Dubai Financial Market.

Ownership shift

The transaction reshapes ownership of one of Dubai’s most commercially important listed companies, whose operations span residential development, shopping malls, hotels and entertainment assets.

Dubai Holding has expanded its footprint across these sectors in recent years through acquisitions, IPO activity and portfolio restructuring. Earlier this year, Dubai Electricity and Water Authority acquired Dubai Holding’s 24% stake in Empower for Dh5.18 billion, increasing DEWA’s ownership in the district cooling company to 80%.

Dubai Holding also launched the IPO of Dubai Residential REIT as part of efforts to monetise rental income assets and broaden investor participation in Dubai’s real estate sector.

Similar restructuring activity has also emerged elsewhere in the UAE. ADNOC transferred majority stakes in several listed subsidiaries to its international investment arm XRG in late 2025 as part of efforts to centralise international energy and chemicals investments.

Why Emaar matters

Emaar remains one of Dubai’s most important corporate assets because of its role across the emirate’s property, tourism and retail sectors.

The developer owns and operates landmark assets including the Burj Khalifa and Dubai Mall, alongside hotels, shopping centres and master-planned residential communities across the Middle East, North Africa, Asia and Europe.

Beyond property sales, Emaar generates substantial recurring income from malls, hotels, entertainment venues and community management operations.

The company has benefited from sustained demand in Dubai’s real estate market, supported by tourism activity, international investor demand and population growth. Emaar recently reported first-quarter property sales of Dh22.4 billion, up 16% year-on-year, while revenue rose 23% to Dh12.4 billion.

Existing ties deepen

Dubai Holding already held a significant position in Emaar before the latest transaction. In 2022, Dubai Holding became a major shareholder after Emaar acquired full ownership of Dubai Creek Harbour in a Dh7.5 billion transaction that included a share issuance to Dubai Holding.

That deal increased collaboration between the two groups on large-scale mixed-use developments tied to Dubai’s residential and tourism expansion plans. The latest stake increase further strengthens Dubai Holding’s exposure to residential developments, destination retail, hotels and entertainment assets linked to Dubai’s expanding visitor economy.

Dubai Holding manages a portfolio valued at more than Dh500 billion across over 30 countries, spanning real estate, hospitality, entertainment, media and retail businesses.

Property market boom

The transaction comes as Dubai’s property market continues recording strong transaction volumes across residential, hospitality and commercial segments. Developers in Dubai have benefited from sustained demand for premium housing, rising tourism activity and continued business inflows into the emirate.

Analysts continue to view property and tourism-related sectors as central to Dubai’s economic activity, particularly as infrastructure expansion and large-scale master developments continue across the city.

The increased Emaar stake gives Dubai Holding deeper exposure to recurring real estate income businesses alongside Dubai’s large residential and tourism development pipeline.