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DUBAI: Emaar Properties said on Monday that the Investment Corporation of Dubai, the government’s main investment arm, had transferred its entire shareholding in the company to Emirates Power Investment LLC, a subsidiary of Dubai Holding, an investment conglomerate owned by the emirate’s ruler.
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Following the transaction, Emirates Power Investment now owns 22.27 percent of Emaar’s total issued shares, according to a company disclosure to the Dubai Financial Market.
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Emaar added that Dubai Holding Group’s total shareholding in the developer increased to 29.73 percent, making it the company’s largest shareholder.
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The company did not disclose the financial value of the transaction.
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