Dubai – Mubahser The UAE-based leading real estate developer Emaar Properties confirmed news reports about the purchase by Dubai Aerospace Enterprise (DAE) Ltd of shares owned by Dubai’s leading real estate developer.
The value of the deal amounted to AED 393 million ($107 million) which will be used to increase retained earnings, according to a statement to the Dubai Financial Market (DFM) on Tuesday.
The impact of this transaction will be realised in Emaar’s second-quarter financials.
On 27 June, the Dubai-based aerospace firm revealed repurchasing 4% of its common shares owned by Emaar Properties.
