Shareholders Of Projects Developer Mogul Emaar Approve The Acquisition Of Dubai Creek Harbor
At the company’s annual meeting on Sept. 1, Emaar Properties’ shareholders approved buying Dubai Creek Harbor from Dubai Holding and selling Namshi Holding to Noon AD Holdings according to Arabian Business. Emaar Properties stated in August that it would pay Dhs7.5 billion to Dubai Holding to fully acquire Dubai Creek Harbour.
According to a statement released by the company to Gulf Business, “shareholders approved a motion to acquire assets from Dubai Holding and the issuance of a mandatory convertible bond with an aggregate value of Dhs3,750,000,000 to Dubai Holding”.
This is the “share” portion of the Dhs7.5 billion total consideration, which was to be split equally between cash and Emaar Properties shares, making Dubai Holding Emaar’s second-largest shareholder. Upon conversion, the required convertible bond will become convertible into 659,050,967 new shares of Emaar Properties, increasing the company’s share capital to Dhs 8,838,789,849 at that time.
Additionally, a special resolution was approved that eliminated the minimum shareholding requirement for Gulf Cooperation Council (GCC) and UAE nationals in the company. As a result, there is no minimum shareholding requirement for GCC or UAE nationals, and there is no shareholding restriction for non-UAE nationals.
But are you familiar with Emaar’s history? Emaar Properties was established on June 23, 1997, by Mohamed Ali Rashed Al-Abbar, and is headquartered in Dubai, United Arab Emirates. The company works on developing real estate projects. Master-planned communities, shopping centers, resorts, commercial leasing, and businesses and investments are all included in its property portfolio. The business is divided into three segments: real estate, leasing, and hospitality. In the real estate section, condominiums, villas, office spaces, lots, and lands are developed and sold. The segment responsible for leasing and managing mall development, retail leasing, business leasing, and residential leasing. The hospitality industry creates, owns, and operates lodging facilities, vacation rentals, and other amusements.
According to Forbes, Emaar Properties’ revenues for this year are $7.9B while a $33.2B in assets.
Emaar’s mall properties in Dubai include Dubai Mall, Dubai Hills Mall, Emaar Community Malls, Dubai Marina Mall, Souk Al Bahar, and Gold & Diamond Park, with a total gross leasable area of more than 5.8 million square feet.
In the entertainment industry, Emaar owns a number of “Reel Cinemas,” where they have redefined the cinematic landscape with their flagship megaplex at The Dubai Mall, a boutique cineplex at Dubai Marina Mall, the first dine-in theatre in the region at Jebel Ali Recreation Club, marking the partnership with international celebrity restaurateur, Guy Fieri, as well as the first theatre in the United Arab Emirates to introduce a huddle room.
Additionally, Emaar is the owner of the Dubai Aquarium & Underwater Zoo, one of the world’s largest indoor aquariums of its kind, measuring 51 meters long by 20 meters wide by 11 meters deep.
Finally, the Dubai Opera thus becomes a valuable asset because it is the first location of its sort in Dubai. The Dubai Opera has the remarkable capacity to change into three different configurations: from a theatre to a concert hall, and from a “flat floor” mode to a banquet or event hall. The Dubai Opera has hosted a wide range of events, including theatre, opera, ballet, concerts, gala dinners, weddings, and Iftar, and this versatility has allowed it to do so in the future.