A firm controlled by Dubai’s ruler has emerged as the top shareholder in the city’s biggest developer after buying a $6.5 billion stake from Emaar
Dubai Holding’s subsidiary Emirates Power Investment now owns 22.2723% of the total issued shares, and ICD no longer holds any shares in Emaar Properties
Investment Corporation of Dubai (ICD) has transferred its entire shareholding in Emaar Properties to Emirates Power Investment, a subsidiary of Dubai Holding, Emaar announced late on Monday.
In a statement posted on the Dubai Financial Market, where Emaar is listed, the developer said Emirates Power Investment now owns 22.2723 per cent of the total issued shares, while ICD no longer holds any shares in Emaar Properties.
“Following completion of the transaction, the total shareholding of the Dubai Holding group in Emaar Properties has increased to 29.73 per cent,” the statement said.
As a result of the transaction, Dubai Holding will become Emaar’s largest shareholder and continue as a long-term investor, the company added.
“The transaction reinforces the strategic partnership between Emaar Properties and Dubai Holding, building on a long-standing relationship supported by continued collaboration across key joint ventures and other initiatives,” the statement said.
Earlier on Monday, Emaar Properties announced a net profit before tax of Dh7.2 billion ($2 billion) for the first quarter of 2026, marking a 33 per cent increase compared to the same period last year.
Total revenue for the period reached Dh12.4 billion ($3.4 billion), up 23 per cent year-on-year, supported by contributions from both UAE and international operations.
According to Global SWF data, Investment Corporation of Dubai had $429 billion in assets under management at the end of 2025. The assets are expected to increase to $602 billion by 2030. ICD was the world’s ninth-largest sovereign wealth fund at the end of last year.
Source: khaleejtimes
