In a significant move for the Dubai real estate market, Dubai’s Emaar Development purchases land in Ras Al Khor for $790 million, marking a strategic expansion for one of the region’s leading property developers. This acquisition highlights Emaar’s commitment to diversifying its portfolio and enhancing its presence in prime locations across Dubai.
A Major Acquisition in Ras Al Khor
Dubai’s Emaar Development has secured an extensive parcel of land in the Ras Al Khor area from Amlak Property Investment for AED 2.9 billion ($790 million), alongside related transaction fees. The company announced this landmark deal to the Dubai Financial Market (DFM), where its shares are publicly traded.
Emaar is no stranger to successful ventures within the Ras Al Khor area. The developer’s flagship project, Dubai Creek Harbour, offers breathtaking views of the iconic Burj Khalifa and the vibrant Dubai skyline. This project’s proximity to the serene Ras Al Khor Wildlife Sanctuary further enhances its attractiveness, contributing to its reputation as a sought-after development.
In its official statement, Emaar remarked, “The land purchase will support the company’s strategic growth objective. Acquiring this land will enable the company to expand its land bank portfolio and initiate new real estate projects aligning with its core business.” This underscores Emaar’s intentions to leverage the newly acquired land for future developments that will enhance its offerings in the region.
Emaar expects to finalize the transaction by July 31 this year, with the effects of this acquisition anticipated to appear in its Q2 or Q3 financial results. The company plans to finance this acquisition through internal resources, ensuring a seamless integration into its existing portfolio.