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Emaar Properties is considering buying the remaining stake in its subsidiary, Emaar Development, according to sources familiar with the matter, in a possible deal that could return the real estate development arm to full ownership of the parent company, nearly nine years after it was listed on the Dubai Financial Market.
According to the report, Emaar may announce plans for the operation in the coming days, but discussions are still ongoing, and no final decision has been made on its implementation, structure or price.
Emaar Properties owns just over 79 percent of Emaar Development’s shares, according to Bloomberg, meaning the full acquisition will target other shareholders’ shares of around 21 percent. The agency said that the cost of buying the remaining shares may reach, according to market prices, about 3.2 billion dollars (11.75 billion dirhams), an estimate that does not represent an official offer or an agreed price.
The two companies differ in scope of business; Emaar Properties is the group’s parent company, and its activities include real estate development, commercial centers, leasing, hospitality, entertainment and international investments. Emaar Development is the group’s arm specializing in the development and sale of residential and commercial projects in the UAE, and is independently listed on the Dubai Financial Market, with the parent company retaining a controlling stake. The results are already included in Emaar Properties’ consolidated financial statements
Thus, the potential acquisition aims to buy the share of other shareholders in an activity already controlled by Emaar Properties, increasing its economic share in its future profits, without adding a new activity to the group
Emaar Development rose 10.67% in the November 3, 2026 session, while Emaar Properties rose by 2.43%, according to Dubai Financial Market data.
What does the deal mean for Emaar Properties shareholders?
The main potential financial impact is to increase the share of Emaar Properties shareholders in future affiliate profits, against the cost of purchasing the share of other shareholders.
Emaar Development is a company already under the control of the parent company, and its results are consolidated on the group’s lists. Thus, buying the rest of the shares does not mean adding its revenue and operating profit again to the results of the group, but rather changing the distribution of dividends between the shareholders of the parent company and minority rights.
The analysis of the “real estate source” platform shows that judging the benefit of shareholders requires knowing the purchase price and how to finance it. If the transaction is carried out in cash, the cost of borrowing or the return that the company abandons when using liquidity must be calculated. If they are executed by a share swap, the exchange rate and the number of new shares will determine their impact on earnings per share.
Latest Financial Results for the Two Companies
This reading is based on the results of the first half of 2026, the latest published results that could be verified until the release of the news on November 3.
Emaar Properties reported revenue of $6.51 billion (AED 23.91 billion), and the Group’s net profit after tax was about $3.04 billion (AED 11.15 billion). Of this total, the profits attributable to the shareholders of the parent company amounted to about $2.36 billion (AED 8.67 billion), compared to about $1.93 billion (AED 7.08 billion) in the corresponding period.
Emaar Development reported revenue of about $3.63 billion (AED 13.34 billion) and dividends attributable to its shareholders of about $1.51 billion (AED 5.56 billion), an increase of approximately 48.1% year-on-year.
The latest figure differs from Emaar’s net profit for post-tax development, which is about $1.83 billion (AED 6.71 billion), which includes profits belonging to minority shareholders in its subsidiaries.
Emaar Development’s revenue balance from contracted and unrecognized sales amounted to about $34.77 billion (AED 127.7 billion) at the end of June 2026. This balance represents future income associated with project implementation and accounting recognition, rather than net profit or available liquidity.
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