4 November 2026
Emaar Properties intends to make a voluntary cash offer of AED 15 per share for up to 100% of Emaar Development, the listed developer behind Dubai Hills Estate, Arabian Ranches, Emaar South and The Valley. Emaar Properties already owns just over 79% of the subsidiary, so the offer targets the remaining stake of just under 21%. The company disclosed its intention to the Dubai Financial Market (DFM) on Wednesday 4 November 2026. At AED 15 per share, Emaar Development is valued at about AED 60 billion (around USD 16.3 billion), and buying out the minority shareholders could cost Emaar Properties as much as AED 12.6 billion, according to Bloomberg estimates. The offer is still subject to approval by the board of directors of Emaar Properties.
What Emaar Properties announced on 4 November 2026
In its filing to the DFM, where both companies are listed, Emaar Properties said it intends to make a voluntary offer in cash for the issued and paid-up share capital of Emaar Development that it does not already hold. The offer excludes shares owned by Emaar Properties itself and by its indirect wholly owned subsidiary Emirates Property Holdings Limited. For every other holder of Emaar Development shares, the stated price is AED 15 per share, paid in cash.
The disclosure was signed by Ahmad Thani Rashed Almatrooshi, executive director of Emaar Properties, and addressed to the chief executive of the DFM. The filing describes an intention: it does not yet set an acceptance period, a settlement date or the terms of an offer document. These details will only follow once the board of Emaar Properties approves the transaction.
The announcement came a day after Bloomberg reported, on Tuesday 3 November 2026, that Emaar Properties was considering a buyout of minority shareholders in Emaar Development that could lead to the delisting of the unit. Following that report, Emaar Development shares rose as much as 11.5% during the session, their biggest intraday gain since early April, Gulf News reported.
Key numbers in one table
| Item | Detail |
|---|---|
| Bidder | Emaar Properties PJSC, listed on the DFM |
| Target | Emaar Development PJSC, listed on the DFM since November 2017 |
| Current stake of Emaar Properties | Just over 79% |
| Shares covered by the offer | All shares not held by Emaar Properties and Emirates Property Holdings Limited |
| Offer price | AED 15 per share, in cash |
| Valuation of Emaar Development at the offer price | About AED 60 billion (around USD 16.3 billion) |
| Estimated cost of the remaining stake | Up to AED 12.6 billion (Bloomberg) |
| Condition | Approval by the board of directors of Emaar Properties |
| Date of the DFM filing | Wednesday 4 November 2026 |
How the offer value adds up
Emaar Development has 4 billion shares. When Emaar Properties listed the business in November 2017, it sold 800 million existing shares, or 20% of the company, at AED 6.03 per share and raised AED 4.82 billion. The offer price of AED 15 is about 2.5 times that IPO price, before taking into account the dividends paid since the listing.
Multiplying 4 billion shares by AED 15 gives the valuation of about AED 60 billion. The minority stake of just under 21% corresponds to roughly 840 million shares, which at AED 15 each is the AED 12.6 billion estimated by Bloomberg. Before the filing, on 3 November, Bloomberg had put the possible cost of the buyout at up to USD 3.2 billion at the market prices of that day.
Why Emaar wants full control of its development arm
Emaar Development is the UAE property development business of the group. It builds residential and commercial build-to-sell projects in the country and has a right of first refusal on the development projects of Emaar Properties in the UAE. According to the Bloomberg report cited by Gulf News, full ownership would give Emaar Properties greater control over the cash generated by the residential development business, which it could direct towards international expansion, recurring-income assets and shareholder dividends.
The move did not come out of nowhere. Key steps so far:
- November 2017: Emaar Properties floats 20% of Emaar Development on the DFM and keeps the rest;
- 2021: Emaar Properties takes Emaar Malls private through an all-share transaction;
- March 2022: the board of Emaar Properties approves a proposal to raise its stake in Emaar Development by up to three percentage points;
- May 2026: Dubai Holding becomes the largest shareholder of Emaar Properties after acquiring a 22.27% stake from the Investment Corporation of Dubai;
- September 2026: the board of Emaar Properties approves an AED 4.4 billion special dividend of AED 0.5 per share and reviews proposals to create additional value from the businesses of the group;
- 4 November 2026: Emaar Properties discloses its intention to offer AED 15 per share for the rest of Emaar Development.
We covered the September decision in our article on the Emaar special dividend of AED 4.4 billion. JPMorgan analysts had listed several options for the group, including buying the remaining stake in Emaar Development, purchasing its residential leasing portfolio under construction, or mergers, acquisitions and spinoffs within the group, Gulf News reported.
What the offer means for shareholders, buyers and investors
Minority shareholders of Emaar Development
The AED 15 per share is a stated price, not yet an open offer. Until the board of Emaar Properties approves the transaction and an offer document with a timetable is published, there is nothing to accept. Shareholders who hold the stock through a DFM investor number should follow the official disclosures of both companies on the DFM website, where the acceptance terms and dates will appear.
Buyers of Emaar Development projects
The filing concerns the ownership of shares in the listed company. It does not mention changes to projects, payment plans or handover dates. In Dubai, payments for off-plan units are made into project escrow accounts under Dubai Law No. 8 of 2007 on escrow accounts for real estate development, and the sale contract is signed with the developer, not with its shareholders. Buyers who plan to finance a ready unit can compare the options in our guide to the mortgage in the UAE for residents and non-residents.
Investors and companies looking at Dubai property
For investors who hold Dubai real estate or plan to, the practical questions stay the same: through which structure to own the asset, how to finance it and where to keep the rental income. Some investors use a UAE company for this, which can be set up through our company setup service.
What to watch next
- the decision of the Emaar Properties board on the offer;
- an offer document with the terms, the acceptance period and the settlement date;
- any statement on the future listing of Emaar Development on the DFM;
- the Emaar Development share price against the AED 15 offer level;
- further disclosures by Emaar Properties and Emaar Development on the DFM.
How Atlant Capital can help
Atlant Capital works with entrepreneurs and investors who buy, hold and finance property in the UAE. We help to:
- choose and register a company or holding structure for property investment;
- arrange home finance through our mortgage advisory service for residents and non-residents;
- open personal and corporate bank accounts for rental income and payments to developers;
- prepare documents for property transactions and residency linked to them.
We do not give investment advice on listed shares. For decisions on the Emaar Development offer, shareholders should rely on the official documents and on their licensed broker or adviser.
Conclusion
Emaar Properties wants to own 100% of Emaar Development and has named the price: AED 15 per share in cash, which values the developer at about AED 60 billion and puts the cost of the remaining stake at up to AED 12.6 billion. The offer still needs the approval of the Emaar Properties board, and the timetable is not yet public. For buyers of Emaar Development homes, the filing does not change projects or payment plans; for minority shareholders, the next DFM disclosure will show whether and when the offer opens.
Source: The National, Gulf News.
FAQ
How much is Emaar Properties offering for Emaar Development shares?
Emaar Properties intends to offer AED 15 per share in cash for all Emaar Development shares it does not already own. It disclosed the intention to the Dubai Financial Market on 4 November 2026. At this price Emaar Development is valued at about AED 60 billion.
How much of Emaar Development does Emaar Properties already own?
Emaar Properties owns just over 79% of Emaar Development, partly through its indirect wholly owned subsidiary Emirates Property Holdings Limited. The offer covers the remaining stake of just under 21%, which Bloomberg estimates could cost up to AED 12.6 billion.
Is the Emaar Development buyout offer already open?
No. As of 4 November 2026 the offer is an intention that is subject to approval by the board of directors of Emaar Properties. An acceptance period, settlement date and offer document have not yet been published on the DFM.
Does the offer affect buyers of Emaar Development off-plan homes?
The DFM filing concerns shares in the listed company and does not mention any change to projects, payment plans or handover dates. In Dubai, off-plan payments are made into project escrow accounts under Dubai Law No. 8 of 2007, and the sale contract remains with the developer.
