Dubai: Dubai Holding become the largest shareholder in Emaar Properties after acquiring a 22.27% stake from the Investment Corporation of Dubai in a deal valued at about Dh23.9 billion ($6.5 billion), based on Emaar’s latest closing share price.

Dubai Holding said in a statement that the acquisition “reflects confidence in Emaar’s strong fundamentals, market-leading development expertise and long-term growth potential.” The company added the move aligns with its strategy of “building a diversified global investment portfolio focused on creating long-term value.”

The transfer was completed through Emirates Power Investment, a wholly owned subsidiary of Dubai Holding. Following the transaction, ICD no longer holds shares in Emaar.…