Dubai-based real estate giant Emaar Properties plans to launch a voluntary cash offer to acquire the shares it does not already own in its construction arm, Emaar Development, in a potential deal valued at up to 12.6 billion dirhams (USD 3.43 billion).
The developer of the Burj Khalifa, the world’s tallest building, said on Wednesday that it would offer 15 dirhams per share for the outstanding stake in Emaar Development.
Emaar Properties currently owns just over 79% of the company.
The proposed offer now values Emaar Development at around 60 billion dirhams (USD 16.34 billion), according to LSEG data.
The price represents a premium to the subsidiary’s closing share price of 13.9 dirhams on Tuesday. Emaar Development’s stock, however, has declined more than 8% so far this year.
The announcement comes after a change in Emaar Properties’ shareholding structure earlier in 2026 and as Dubai’s property and tourism sectors navigate the economic disruption caused by the Iran war.
The proposed acquisition would give Emaar Properties complete ownership of Emaar Development, strengthening its control over a key part of its property business.
The company did not disclose whether it intended to delist Emaar Development from the Dubai Financial Market following the offer.
Shares in the construction arm remain below their all-time high of 20 dirhams, reached in February before the war began.
The offer also follows a significant change in Emaar Properties’ ownership. Dubai Holding, an investment conglomerate owned by the emirate’s ruler, became the developer’s largest shareholder with a stake of around 30%.
The change came after Dubai’s sovereign wealth fund, Investment Corporation of Dubai (ICD), transferred its entire holding in Emaar Properties to a subsidiary of Dubai Holding.
Emaar’s proposal comes as Dubai’s real estate market adjusts to the impact of the Iran war.
Although business activity in the Gulf tourism hub has largely resumed following war-related disruptions, the recovery in sectors such as hospitality could take longer.
Emaar founder and chairman Mohamed Alabbar told Reuters in September that he expected Dubai property prices to decline by an average of 5% this year because of the conflict.
He acknowledged that property sales remained below pre-war levels but expressed confidence in the market’s resilience.
Despite the uncertainty, Dubai’s construction activity has continued.
The number of real estate projects completed in the emirate increased by 39% in the first half of 2026, according to figures reported by the UAE state news agency, citing the Dubai Land Department.
The proposed buyout therefore comes at a time when Emaar is seeking to consolidate ownership of its development business while the wider Dubai property market deals with the effects of regional instability.