UAE’s Emaar Properties Plans AED 15 a Share Cash Offer for the Rest of Emaar Development
Emaar Properties intends to make a voluntary offer of AED 15 a share in cash for all the Emaar Development shares it does not already own.
For Emaar Development’s other shareholders, the price sets a 7.9% premium to Tuesday’s close, though Emaar Properties’ own board has still to approve the offer. In The Edge’s reading, the prize for the parent is profit it now shares: on a simple proportional estimate from the group’s 80.16% stake, not a disclosed figure, the other shareholders’ slice of the unit’s first-half net profit comes to AED 1.3 billion.
Emaar Properties disclosed the plan to the Dubai Financial Market early on 4 November. It said it intends to make a voluntary cash offer for up to 100% of Emaar Development’s issued and paid-up capital not already owned by Emaar Properties and its indirect wholly owned subsidiary, Emirates Property Holdings Limited.
The one-page letter, signed by Executive Director Ahmad Thani Rashed Almatrooshi and copied to the Capital Market Authority, makes the offer subject to “the required approval from the Board of Directors of Emaar Properties PJSC”. It names no other condition.
The AED 15 price tops Tuesday’s close by 7.9%
Emaar Development closed at AED 13.90 on 3 November, after a 10.67% rise that day on 11.8 million shares traded, more than double the previous session’s volume. The offer price stands 7.9% above that close and 19.4% above the 2 November close of AED 12.56.
Emaar Development has 4 billion issued shares and has been listed since 22 November 2017. At the offer price, the whole company would be valued at AED 60 billion, against AED 55.6 billion at Tuesday’s close.
Emaar Development: the offer against market prices
| Price point | Price (AED) | Offer vs price |
|---|---|---|
| Offer price | 15.00 | |
| Close, 3 Nov | 13.90 | 7.9% |
| Close, 2 Nov | 12.56 | 19.4% |
| 52-week high | 20.70 | -27.5% |
| 52-week low | 12.00 | 25.0% |
Closes from the exchange’s daily price history for the stock; the 52-week range is as its trading page prints it.
Emaar Properties already owns four fifths of the developer
The exchange’s daily register lists Emaar Properties with 79.1613% of Emaar Development, the sole holder it shows at or above its 5% disclosure line. Emaar Properties’ own company page on the exchange puts the group’s stake in Emaar Development and its subsidiaries higher, at 80.16%, without giving a date. Neither page shows the holding of Emirates Property Holdings on its own.
Taking the 80.16% figure, the shares the group does not yet own number 793.6 million, The Edge calculates. At the offer price they would cost AED 11.9 billion, an illustration, not a consideration the company has announced. Counting only the direct holding on the register, the ceiling on the same basis is AED 12.5 billion, for 833.5 million shares.
The lower sum equals 11.4% of Emaar Properties’ own market value at Tuesday’s close, AED 104.1 billion. Emaar Development alone was worth 53.4% of its parent’s market value on the same closes.
Emaar Development began as Emaar Properties’ development division, carved out and transferred into the company. Three directors of the parent sit on its board: Mohamed Alabbar, Emaar Properties’ managing director; Jamal BinTheniyah, its chairman; and Ahmed Jawa, its vice chairman. Emaar Development’s own chairman is Adnan Abdulfattah Kazim.
The developer supplies more than half of group revenue
Emaar Development’s first-half results, released on 7 August, showed revenue up 34% to AED 13.3 billion. Net profit after tax rose 43% to AED 6.7 billion.
EBITDA rose 42% to AED 7.1 billion. The company put its net profit margin at 50%.
Its revenue backlog reached AED 127.7 billion at 30 June, 8% higher than a year earlier. Sales volumes in the half moved at what the company called “a measured pace”; the sales figures were set out on our site in August.
Set against Emaar Properties’ group figures for the same half, the unit supplied 55.6% of revenue and 55% of EBITDA. Its pre-tax profit, AED 7.8 billion by the parent’s account, was 60.9% of the group total.
Its weight in future revenue is larger still. Emaar Development holds 77.4% of the group’s revenue backlog, which the parent puts at an estimated AED 164.9 billion.
First half of 2026: Emaar Development (the unit) within Emaar Properties (in AED billions)
| Item | Unit | Group | Unit share |
|---|---|---|---|
| Revenue | 13.3 | 23.9 | 55.6% |
| EBITDA | 7.1 | 12.9 | 55.0% |
| Pre-tax profit | 7.8 | 12.8 | 60.9% |
| Revenue backlog, 30 Jun | 127.7 | 164.9 | 77.4% |
Group backlog is the parent’s approximate figure. Emaar Development’s pre-tax profit is as the parent’s release states it; the unit’s own release gives net profit after tax.
The rest of the group earns differently. Its malls, retail and commercial leasing arm grew revenue 9% to AED 3.5 billion in the half. Recurring businesses provided an estimated 31% of group EBITDA, the parent said.
The filing leaves the main terms open
The letter gives no share count, total value, financing plan or timetable. It states no reason for the offer and says nothing on Emaar Development’s listing.
Nor does it set an acceptance level or name regulatory approvals beyond the parent’s board. The parent’s board decision is the next step the letter names; it gives no date for it. Emaar Properties told the exchange on 2 November that its board meets on 5 November to consider the analysis it requested on 16 September of proposals to create additional value for shareholders; that notice does not mention the offer. Emaar Development had posted no disclosure of its own on the offer by 11:47 UAE time on 4 November.
Holders will also weigh the price against the stock’s own range. The offer is 27.5% below the 52-week high of AED 20.70. It is 25% above the 52-week low of AED 12.
What to watch: Thursday 5 November, when Emaar Properties’ board meets at 4.30 p.m. after the close and both companies publish their third-quarter financial statements after trading hours, as each told the exchange on 2 November; their analysts’ earnings calls follow on Monday 9 November.
Figures are from Emaar Properties’ disclosure to the Dubai Financial Market dated 4 November 2026 and the two companies’ earnings call notices of the same date; the two companies’ notices of 2 November on the board meeting and the third-quarter statements, and Emaar Properties’ board results of 16 September 2026; the exchange’s company pages for Emaar Development and Emaar Properties, read on 4 November 2026; and the two companies’ first-half results releases of 7 August 2026. Premiums, shares, values and ratios not attributed to a source are The Edge’s calculations.
Sources: Emaar Properties, Emaar Development, Dubai Financial Market, The Edge.
