Dubai Holding unit becomes Emaar’s largest shareholder

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.

• 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.

• Emaar added that Dubai Holding Group’s total shareholding in the developer increased to 29.73 percent, making it the company’s largest shareholder.

• The company did not disclose the financial value of the transaction.