Emaar Properties will buy out all Emaar Development shares it does not already own at Dh15 per share, in a cash deal worth around Dh12 billion ($3.3 billion), and delist its listed construction subsidiary from the Dubai Financial Market.
On 5 November 2026 Emaar Properties disclosed to the Dubai Financial Market that its board had approved a plan to take Emaar Development fully private. The parent will pay Dh15 in cash for every share it does not currently own, with the total offer size estimated at around Dh12 billion (~$3.3 billion).
Deal structure: which shares are bought
Emaar Properties and its subsidiary EPHL already hold more than 3.2 billion of Emaar Development's 4 billion ordinary shares — close to 81% of the capital. The buyout targets the remaining ~793.5 million shares (roughly 19%) currently in free float.
The Dh15 offer represents a 19.4% premium to Emaar Development's closing price of Dh12.56 on 2 November 2026, the last trading day before the board decision was announced. On Thursday, 5 November, the stock closed at Dh14.52 — slightly below the cash offer, as is typical for fair-value takeouts.
What the parent gets: one capital allocation framework
In its DFM filing, Emaar Properties frames the move as "strategic considerations": consolidating the entire UAE development business under a single corporate roof. For parent shareholders this streamlines capital management — Emaar Development's revenue, profit and land bank flow directly into Emaar Properties' capital allocation, with no intermediate listed vehicle.
The rationale is backed by strong numbers: in 9M 2026, Emaar Properties' net profit rose 17% to Dh17.1 billion, while Emaar Development's Q3 net profit was up about 8% year-on-year to Dh3.5 billion on revenue of Dh8.8 billion (+14%). Historically, real-estate ROI in Dubai has been driven by precisely this tier of developers, with Emaar as one of their anchors.
Dh4.4 billion special dividend
Alongside the buyout, the board approved a one-time special dividend of Dh4.4 billion — Dh0.5 per Emaar Properties share — on top of the regular annual distribution. In effect, a slice of group liquidity is being paid directly to parent shareholders rather than retained at the subsidiary.
Deal advisers
JPMorgan is acting as financial adviser to Emaar Properties. Emirates NBD Capital is the lead manager of the offer, and First Abu Dhabi Bank (FAB) is co-lead manager — a standard pairing of a global investment bank with large UAE institutional anchors for DFM transactions of this size.
Impact on buyers and the market
For the Dubai real-estate market, the short-term impact is neutral: projects, handover dates, prices and Emaar Development's obligations to off-plan and completed-unit buyers do not change — only the issuer's public status does. Once the buyout closes, Emaar Development will cease trading on DFM, its financials will fold into Emaar Properties consolidated reporting, and minority shareholders will receive cash instead of shares.
For residential investors, it is a reminder that the UAE's largest developers are shifting to a "one group, one share" model, with less direct capital access to their construction franchise via the exchange. For those using property as the base for a 10-year Golden Visa at the AED 2 million investment threshold, nothing changes — the AED 2 million criterion still applies to both off-plan and ready property from developers of Emaar's tier.
Based on Emaar Properties' disclosure to the Dubai Financial Market dated 5 November 2026 and reporting by The National and Gulf News, 4–5 November 2026.
