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Emaar gains full control of Dubai Creek Harbour for $2B

Emaar gains full control of Dubai Creek Harbour for $2B

Arab Finance: UAE-based real estate developer Emaar Properties bought the share of Sheikh Mohammed bin Rashid's investment company Dubai Holding in their joint venture Dubai Creek Harbour in consideration of $2 billion, Reuters reported on August 11th.

The deal will be financed in cash and shares in Emaar, which will make Dubai Holding the second biggest shareholder in the company.

France-headquartered advisory group Rothschild & Co announced that it was the sole financial advisor to Dubai Holding on the deal.

Set to span 6 square kilometers, Dubai Creek Harbour is planned to be a residential, retail, and commercial real estate development.

It is worth noting that Emaar posted earnings before interest, taxes, depreciation, and amortization (EBITDA) of AED 6.112 billion during the first six months of 2022, up 66% year-on-year.

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