Dubai’s ruling family boosts Emaar stake in $6.5B transfer

Dubai’s ruling family is raising its stake in Emaar Properties, one of the UAE’s largest real estate developers and builder of the Burj Khalifa, the world’s tallest skyscraper.

Dubai Holding, which is under the direct control of Sheikh Mohammed bin Rashid, Ruler of Dubai and Vice President of the UAE, said in a stock exchange report today that it acquired a roughly 22.3% stake in Emaar – worth about $6.5 billion – from the Investment Corp. of Dubai.

While both entities are owned by the emirate, the deal shifts Emaar’s largest bloc of shares from the ICD sovereign wealth fund to the Dubai Holding conglomerate, which has broad interests in real estate, hotels and entertainment.

Emaar was founded almost 30 years ago by businessman Mohamed Alabbar, a close business associate of the emirate’s rulers.

Its logo adorns the top of more than a dozen downtown office towers surrounding its signature Burj Khalifa and Dubai Mall properties.

The deal comes as Dubai’s real estate prices have taken a dip amid two months of missile and drone attacks from Iran, some of which damaged buildings in the city center.

UAE royal family firm secures ok for west end development

A firm owned by Abu Dhabi’s ruling family has received rare planning permission to develop one of the biggest office projects ever built in London’s West End.

Berkeley Estate Asset Management, which is owned by the Private Department of the President of the UAE, is planning to turn the former flagship BHS store and London College of Fashion buildings into 800,000 square feet (74,322 square meters) of office space and more than 100,000 square feet of stores, Bloomberg reports.

The Al Nahyan family owns a far-reaching property portfolio in the U.K., including some of London’s most valuable real estate – much of it acquired under the late former ruler Sheikh Khalifa bin Zayed.

The West End, which includes the famed Oxford Street retail strip where the project is located, is dominated by low-rise historical buildings which are protected under strict planning laws.