Emaar Properties has opened its Dh15-a-share cash offer for the shares it does not already own in Emaar Development, the Dubai-listed unit behind communities such as Dubai Hills Estate and Arabian Ranches. The offer period began on Friday, 6 November 2026, a day after Emaar reported higher revenue and profit for the first nine months of the year.
If enough shareholders accept, Emaar has said it intends to take Emaar Development private and delist it from the Dubai Financial Market (DFM).
Key terms of the Emaar Development offer
According to offer details reported by Dubai Week and Arabian Post, Emaar Properties directly holds about 79.16 per cent of Emaar Development, and a wholly owned subsidiary holds a further 1 per cent. The offer covers the remaining shares, or about 793.5 million shares.
- Price: Dh15 per share, paid in cash
- Premium: 19.4 per cent above the Dh12.56 close on 2 November, the last session before the board meeting was announced, and 3.3 per cent above the Dh14.52 close on 5 November
- Offer period: Opened 6 November; closes at 3pm UAE time on Thursday, 10 December, unless extended
- Results: Expected on 11 December
- Receiving bank: Emirates NBD, with acceptance through its online portal or an acceptance form
- Payment: Within three business days of the offer becoming unconditional
Estimates of the total value differ slightly. Gulf News put the deal at up to Dh12.6 billion ($3.4 billion) when it was first announced, while the share count in the offer documents, as reported by Arabian Post, points to about Dh11.9 billion.
The offer is not conditional on reaching 90 per cent ownership. However, if Emaar’s holdings reach at least 90 per cent plus one share, it plans to start compulsory acquisition of the remaining shares within 60 days of settlement, at the same price, and then apply to delist the company. Dubai Week reported that the offer remains subject to conditions, including final approvals from the Capital Market Authority.
Emaar Development listed on the DFM in 2017. The National reported that Emaar raised Dh4.82 billion at the time by selling a 20 per cent stake in the business.
Nine-month results: revenue up 13 per cent
Emaar Properties reported revenue of Dh37.5 billion for January to September 2026, up 13 per cent from Dh33.1 billion a year earlier. Gulf News reported that net profit after tax rose 17 per cent to Dh17.1 billion, while The National reported that profit attributable to owners rose 16 per cent to about Dh13.3 billion. The two figures measure profit in different ways.
Other highlights reported by both outlets include:
- Property sales of Dh34.7 billion, with 14 new projects launched
- A revenue backlog of Dh158.8 billion at the end of September, up 6 per cent year on year
- Malls and commercial leasing revenue up 10 per cent to Dh5.2 billion, with occupancy of about 98 per cent
- Average UAE hotel occupancy of 63 per cent, down from 80 per cent a year earlier
- A one-time special dividend of Dh4.4 billion, or 50 fils a share, on top of the regular annual dividend
For the third quarter alone, The National reported that profit attributable to owners rose 5.6 per cent to Dh4.6 billion, on revenue of Dh13.6 billion.
Emaar Development’s own nine-month revenue rose 26 per cent to Dh22.2 billion, and its net profit after tax rose 24 per cent to Dh10.8 billion, with a backlog of Dh119.8 billion.
What it means for shareholders and the market
Shareholders in Emaar Development will need to decide during the acceptance period whether to tender their shares. Offer documents cited by Arabian Post note that investors who keep their shares after a delisting could face lower liquidity.
The wider Dubai residential market slowed in the third quarter. The National, citing consultancy Cavendish Maxwell, reported that residential sales value fell 47 per cent to Dh72.6 billion. Emaar said in its results statement that “capital allocation, cost discipline and delivery quality” would remain central to its approach.
Emaar’s shares rose 1.8 per cent to Dh12.52 on Thursday, Gulf News reported. For more on recent market moves, see our report on Dubai stocks returning above Dh1 trillion in market value.
This article is for information only and is not investment advice.
Sources: Gulf News, The National, Dubai Week, Arabian Post
