Dubai Holding strengthens its position in Emaar and becomes the developer’s largest shareholder
Dubai’s real estate landscape has entered a new phase: Dubai Holding has completed the acquisition of a 22.27% stake in Emaar Properties from Investment Corporation of Dubai (ICD). Following the transaction, Dubai Holding’s total shareholding in Emaar has increased to 29.73%, making it the company’s largest shareholder.
The transfer was carried out through Emirates Power Investment, a wholly owned subsidiary of Dubai Holding. According to the disclosure published on the Dubai Financial Market, ICD has fully exited its position in Emaar, while Emirates Power Investment now directly holds the acquired 22.27% stake.
The move is being positioned as a strategic investment and a signal of confidence in Emaar’s long-term strength, asset quality, and market position. Dubai Holding also framed the deal as an extension of its existing relationship with Emaar, noting that the two groups already have a history of collaboration through joint ventures and other partnerships.
The timing is notable. Emaar remains one of the most influential developers in the region, with a portfolio spanning residential, commercial, hospitality, and retail assets, as well as operations across the Middle East, North Africa, Asia, and Europe.
The company has also entered 2026 on a strong note. In the first quarter of 2026, Emaar reported revenue of Dhs12.4bn, up 23% year-on-year, while EBITDA rose 34% to Dhs7.2bn. Property sales reached around Dhs22.4bn, and its revenue backlog climbed to approximately Dhs163.4bn, underlining the depth of demand and the visibility of future earnings.
For Dubai, the deal is about more than ownership percentages. It reinforces the growing strategic weight of real estate within the emirate’s wider economic model. With Emaar continuing to post strong operating figures and Dubai Holding expanding its influence through a larger stake, the transaction signals a deeper consolidation of confidence around one of the city’s most important corporate names.
Dubai Holding itself manages a diversified portfolio of more than Dhs500bn across sectors including real estate, hospitality, entertainment, retail, media, and investments, with exposure in more than 30 countries. Against that backdrop, increasing its position in Emaar looks less like a financial adjustment and more like a long-term strategic statement about where Dubai sees value going next.
