Emaar Confirms It Can Fully Fund Dh15-a-Share Offer for Emaar Development Minority

Emaar Properties and its subsidiary Emirates Property Holdings Limited (EPHL) together hold 80.1613 per cent of Emaar Development, and the offer covers the remaining 19.8387 per cent, Khaleej Times reported from the document. The board approved the buyout last week. At Dh15 a share, the minority stake is worth more than Dh11.9 billion, according to The National, which put the price at a 19.4 per cent premium to the Dh12.56 close on November 2, the last trading day before the plan was disclosed.

The deal would bring Dubai's largest developer's UAE build-to-sell business, Emaar Development, fully back inside the parent. In its filing, Emaar cited strategic considerations and said full ownership would let the business be managed and funded under a single capital allocation framework and simplify the group's structure.

Under the offer document, Emaar will buy all shares tendered if the offer's conditions are met or waived, and it will complete the deal even if it does not reach the 90 per cent threshold needed to compulsorily acquire the rest. If it does pass that level, it intends to buy out the remaining holders at Dh15, convert Emaar Development into a private joint stock company and delist it from the DFM.

The offer opened on November 6 and closes at 3pm UAE time on Thursday, December 10, unless extended by 14 days. Results are due on Friday, December 11. The offer is expected to become unconditional within one month of closing, with payment within three business days after that, which means shareholders who tender could wait until mid-January 2027 for their cash.

The parent has the earnings to back the bid. Emaar Properties reported net profit before tax of Dh19.8 billion for the first nine months of 2026, up 18 per cent, on revenue of Dh37.5 billion, up 13 per cent from Dh33.1 billion a year earlier.

Emaar Development shares closed at Dh14.52 on Thursday, below the offer price, according to The National. Minority holders now have until December 10 to decide whether to accept the cash or risk being left in a company headed for delisting if Emaar crosses the 90 per cent mark.