Dubai: Emaar Malls is once again wholly part of Emaar Properties – this will now lead to the delisting of the former’s stock from Dubai Financial Market.
It thus completes the second mega merger Dubai has been witness to this year; earlier in the year, Dubai Government owned Meraas Holding took full control of DX Entertainments and then having the latter delist. It remains to be seen whether Damac Properties too will go through the process as Hussain Sajwani, the founder, acquires the rest of the shareholding in the developer.
In a statement, Emaar said: “The company would like to announce the completion of the merger transaction between Emaar Properties PJSC and Emaar Malls PJSC and the transfer by law of all rights and obligations of Emaar Malls PJSC to Emaar Properties PJSC.”
The integration of Emaar Malls gives considerable heft to Emaar Properties as it prepares to open its next mall, at Dubai Hills Estate.