Font Size

- Aa +

Mon 19 Aug 2019 11:19 AM

Font Size

- Aa +

Emaar buys remaining 35% of resort developer Mirage for $18m

Its $6.8bn JV to transform Mina Rashid into a Riviera-style coastal destination is "progressing as scheduled"

Emaar buys remaining 35% of resort developer Mirage for $18m
Emaar's $6.8 billion joint venture with P&O Marinas to transform Mina Rashid port into a Riviera-style coastal destination is “progressing as scheduled”

Dubai’s Emaar Properties in April completed its acquisition of resort developer Mirage Leisure and Development, having bought the remaining 35 percent stake for $18 million, according to financial statements filed on the Dubai Financial Market last week.

The developer secured a 65 percent stake in the company in October 2015 for $34m. Mirage Leisure and Development has developed a number of Emaar projects including the Dubai Opera, Armani Hotel and Address Downtown.

It is also currently working on three hotels in Emaar’s Dubai Creek Harbour site including Vida, Palace and the Address Harbour Point.

An Emaar spokesperson told Arabian Business: “Managing Mirage fully is the best fit for Emaar as the company performs exceptionally well and also manages the development of Emaar’s hospitality assets.”

The resort developer was established by chairman Dene Murphy, who formerly worked for Atlantis and One & Only developer Kerzner International, which is today owned by the Investment Corporation of Dubai, which in turn holds a 29.2 percent stake in Emaar.

Moreover, Emaar said its $6.8 billion joint venture to transform Mina Rashid port into a Riviera-style coastal destination is “progressing as scheduled”. The developer announced the plan with P&O Marinas, a subsidiary of DP World, in May this year.

“We launched residential communities in the mega-development to strong investor response, and we are planning new launches in due course. Mina Rashid has always been a 70:30 joint venture between Emaar and DP World owned P&O Marinas,” a spokesperson said.

The port will feature a 12,600 square metre retail, dining and leisure waterfront destination dubbed ‘The Dubai Mall by the Sea’. It is set to include a floating yacht club and the city’s longest pool.

Emaar Development, the building unit majority-owned by Emaar Properties, recorded a 50 percent rise in residential property sales at $2.5bn in the first six months of 2019 compared to H1 2018 sales.

It launched 16 new projects during the first half of the year.

However, the company also reported a net profit of $381m and a revenue of $1.7bn, down from $490m and $1.9bn during first half of 2018 respectively.

For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.