Latest news with #AmlakPropertyInvestment
Zawya
3 days ago
- Business
- Zawya
Dubai Emaar Development acquires land for $798mln
Emaar Development, the construction arm of Dubai's largest listed real estate firm, Emaar Properties, has acquired a plot of land in Ras Al Khor, where it plans to launch real estate projects to capitalise on the continued boom in the emirate's property market. The land was acquired from Amlak Property Investment for 2.9 billion dirhams ($789 million), plus associated transaction cost. The acquisition, which will add to the developer's land bank, will be financed through internal resources. The full purchase price will be paid upon transfer of the land, expected by 31 July 2025. Emaar Development, a major player in Dubai's real estate market, is known for its large-scale master-planned communities, including Downtown Dubai, Dubai Marina, and Dubai Creek Harbour. The company, which delivers build-to-sell (BTS) assets, launched 12 projects across its master plans in the UAE in Q1 2025. (Writing by Brinda Darasha; editing by Daniel Luiz)
Arabian Business
3 days ago
- Business
- Arabian Business
Dubai's Emaar Development purchases land in Ras Al Khor for $790mn
Dubai real estate giant Emaar Development has purchased a large tract of land 'with future development potential' in the Ras Al Khor area from Amlak Property Investment for AED2.9 billion ($790 million) plus associated transaction charges. This was disclosed by the company to the Dubai Financial Market (DFM), where the company's shares are listed. Emaar already has a hugely successful mega development in Ras Al Khor area – the Dubai Creek Harbour. The project is renowned for its stunning views of Burj Khalifa and the Dubai skyline and is situated near the tranquil Ras Al Khor Wildlife Sanctuary. 'Land purchase will support the company's strategic growth objective,' Emaar said in the disclosure. 'Acquiring this land will enable the company to expand its land bank portfolio and initiate new real estate projects aligning with its core business.' Emaar expects the transaction to be completed by 31 July this year. It will reflect in the company's Q2 or Q3 results. Emaar also added that it would fund the acquisition internally.
