Dubai Ruler Tightens Grip on Emaar in $6.5 Billion Reshuffle

A firm controlled by Dubai’s ruler has emerged as the top shareholder in the city’s biggest developer after buying a $6.5 billion stake from the emirate’s main investment vehicle.

Dubai Holding has acquired a 22.27% stake in Emaar Properties PJSC from the Investment Corporation of Dubai, in a deal that comes as the city’s property market contends with uncertainty tied to the Iran war. Dubai Holding will now control 29.73% of Emaar, which helped develop the Burj Khalifa.