Morningstar

Dubai's Emaar Properties Plans Buyout of Development Arm as Property Market Cools

Provided by Dow Jones

By Farhan Rafid 




   Dubai-based Emaar Properties said Wednesday that it plans to make a voluntary cash offer to acquire the remaining shares in Emaar Development that it doesn't already own, in a move to take full ownership of its property-development subsidiary. 



  The company intends to offer 15 dirhams, or $4.08, a share for Emaar Development's outstanding shares not held by Emaar Properties and its indirectly wholly owned subsidiary, Emirates Property Holdings Ltd., according to a filing to the Dubai Financial Market. The proposed offer is subject to approval from the board of Emaar Properties. 



  Emaar Properties is one of Dubai's largest property developers, with projects including the Burj Khalifa, the world's tallest building. 



  The planned buyout comes as Dubai's property market cools amid the Middle East conflict. Off-plan residential transactions fell 71% in the third quarter from a year earlier, while new project launches declined 67%, according to property consultancy Cushman & Wakefield Core. 



  Emaar reported a 9% increase in second-quarter net profit to 3.67 billion dirhams ($1 billion) from 3.37 billion dirhams a year earlier, despite the impact of the Middle East conflict. The developer said weaker international tourism weighed on its hospitality, leisure and entertainment businesses, although local demand partly offset the decline. Emaar also maintained a more cautious approach to new project launches amid regional uncertainty. The company is scheduled to hold its third-quarter earnings call on Monday. 





  Write to Farhan Rafid at farhan.rafid@wsj.com 





  (END) Dow Jones Newswires



  November 04, 2026 04:33 ET (09:33 GMT)


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