Dubai: «The Gulf»
Emaar Properties issued a clarification statement regarding the benefits of acquiring the Dubai Creek Harbor project. Noting that “Dubai Creek Harbor” was evaluated by an independent evaluator, with a value between 14.6 billion dirhams and 15.7 billion dirhams.
The Company stated that it believes that the acquisition of the project (the “Transaction”) is in line with its long-term strategy, and helps create and maintain value for its shareholders, including:
Providing full control to Emaar over the Dubai Creek Harbor development in relation to the undeveloped core land, which is strategically located and includes more than 100 million square feet of future development projects.
* Enhancing Emaar’s revenues by accessing 100% of the profits that will be generated from the Dubai Creek Harbor development project over the period of its development.
* Reducing the pressure on Emaar’s cash flows by using a consideration consisting of a combination of the issuance of shares and cash.
* The deal enhances Emaar’s position, as the consolidated Emaar will own a diversified portfolio of assets with a net value of more than 71.5 billion dirhams as of June 30, 2022.
Emaar recorded sales of the Dubai Creek Harbor project in 2021, with a total of 4.2 billion dirhams, compared to 3.6 billion dirhams in the first half of 2022.
