Emaar offers $4.08 a share to take over Emaar Development

Dubai, UAE - Emaar Properties intends to make a voluntary cash offer of $4.08 (AED 15) per share for up to 100% of Emaar Development, the listed property development unit in which it already holds a majority.

The proposal still needs the backing of the Emaar Properties board, the company told the Dubai Financial Market in a filing on Wednesday. Emaar Properties, the largest listed developer in Dubai, trades on the same exchange.

According to the filing, the offer targets every share not already held by Emaar Properties or by Emirates Property Holdings, an indirect wholly owned subsidiary of the group.

The company behind Burj Khalifa owns just over 79% of Emaar Development at present.

The filing follows reports on November 3 that Emaar Properties was considering buying out minority shareholders in Emaar Development. The company's latest disclosure confirms its intention to proceed with a voluntary cash offer, although the proposal remains subject to board approval.

The offer is not the group’s first attempt to lift its holding. Back in March 2022, directors at Emaar Properties approved a proposal allowing the company to add as much as three percentage points to its shareholding in Emaar Development.

Emaar sold 20% of its development business to investors in November 2017, raising $1.31 billion (AED 4.82 billion) in what was then Dubai’s biggest listing in three years.

Also traded on the DFM, Emaar Development is the group’s property development arm. It focuses on build-to-sell homes and residential communities in the emirate, with The Valley, Emaar South, Arabian Ranches and Dubai Hills Estate among its developments.

The unit reported a backlog of more than $27.23 billion (AED 100 billion) in May 2025, alongside a 28% rise in first-quarter sales, and later that month bought a $790 million land parcel in Ras Al Khor. In July this year it signed a home financing partnership with ADCB for buyers in Dubai.

Ownership at the parent also changed in May, when Dubai Holding became the largest shareholder in Emaar Properties by acquiring a 22.27% stake in the developer from the Investment Corporation of Dubai (ICD).

Emaar ranks among the largest real estate developers in the Middle East. Its portfolio covers residential, commercial, hospitality and retail property in the Middle East and North Africa, as well as in Asia and Europe. It has 90,000 units under production in 18 markets worldwide.

The proposed acquisition comes as Emaar continues to expand its real estate development portfolio. The company remains a major player in Dubai's residential property sector, with projects across several of the emirate's established and emerging communities.

In June, Emaar announced plans for an “extraordinary” $54.46 billion (AED 200 billion) megaproject in Dubai, which is set to house nearly 150,000 people.