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The board of Emaar Properties has approved to increase of its stake in Emaar Development.
In a disclosure of board meeting results, the company said its board had voted to increase its shareholding, but no further details were provided.
Emaar Properties already holds 79% in the unit. In November 2017 Emaar Properties sold a 20 percent stake or 800 million shares in its development unit and raised $1.31 billion. Emaar Development is behind communities in Dubai including Emirates Living, Downtown Dubai, Dubai Marina and Arabian Ranches.
Emaar Development also announced its consolidated financial results, in which it reported a profit of AED 4.232 billion ($1.152 billion) compared with AED 2.055 billion in 2020.
Revenue was AED 15.601 billion, compared with AED 9.758 billion in 2020.
In a separate statement, to Nasdaq Dubai, Emaar Properties reported profits of AED 5.716 billion, up from AED 2.806 billion in 2020. Revenue is AED 28.269 billion, compared with AED 17.959 billion in 2020.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
