Dubai Holding Becomes Emaar’s Largest Shareholder After Acquiring ICD Stake

DUBAI, UAE – Dubai Holding has become the largest shareholder in Emaar Properties after acquiring a 22.27% equity stake from the Investment Corporation of Dubai (ICD), the companies announced on Tuesday.

The transaction increases Dubai Holding’s total stake in the Dubai-listed developer to 29.73%, strengthening its position as Emaar’s largest shareholder and marking a significant shift in the ownership structure of one of the region’s most prominent real estate companies.

Financial terms of the transaction were not disclosed. Officials described the move as a strategic consolidation that reflects confidence in Emaar’s asset quality, long-term growth prospects and the wider fundamentals of Dubai’s real estate market.

The acquisition represents a major ownership development for Emaar Properties, which has built one of the region’s most recognised real estate portfolios, with projects and investments across the Middle East, Asia and Europe.

According to company officials, the transaction underscores Dubai Holding’s confidence in Emaar’s future growth and the continued strength of Dubai’s economy.

The move also reinforces the longstanding relationship between Dubai Holding and Emaar, which have collaborated on several high-profile projects that have contributed to the emirate’s urban development and global real estate profile.

Strengthening Dubai Holding’s portfolio

The acquisition adds further scale to Dubai Holding’s diversified global portfolio, which is valued at more than AED500 billion ($136.1 billion).

The group’s investments span real estate, hospitality, entertainment, retail and media across more than 30 countries, positioning it as one of Dubai’s most influential investment and development platforms.

The increased stake in Emaar also comes at a time when Dubai’s property market continues to attract strong investor interest, supported by population growth, infrastructure investment, international capital inflows and sustained demand across residential, commercial and mixed-use segments.

Emaar remains one of Dubai’s most important listed developers, with a portfolio that includes some of the emirate’s most prominent master-planned communities, hospitality assets, retail destinations and landmark developments.

Dubai Holding’s expanded shareholding signals continued institutional confidence in the emirate’s long-term real estate fundamentals and reinforces the strategic importance of large-scale, integrated development platforms in supporting Dubai’s growth.

The transaction also reflects a broader trend of consolidation and long-term positioning among major government-linked and institutional investors as Dubai continues to strengthen its role as a global destination for real estate investment, tourism, business and lifestyle.