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.
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