Emaar Properties has launched a voluntary cash offer of Dh15 per share, about $4.08, to buy out the minority investors in its listed development arm, Emaar Development, in a move that would fold one of Dubai's biggest homebuilders back into its parent.

The offer, made in a disclosure to the Dubai Financial Market, covers up to 100 per cent of Emaar Development's issued and paid-up share capital that is not already owned by the parent company or by Emirates Property Holdings Limited (EPHL). Emaar Properties already holds just over 79 per cent of the unit.

The company said it "intends to make a voluntary cash offer for up to 100 per cent of Emaar Development's issued and paid-up share capital not already owned by the parent company." The transaction remains subject to approval from Emaar Properties' board of directors.

The price tag is substantial. At prevailing market prices, the potential cost of the transaction is about Dh12.6 billion, or roughly $3.2 billion, according to Bloomberg calculations. Emaar Development's market capitalisation stands at about $13.68 billion, and the development business has been valued at more than Dh60 billion.

For international and expatriate investors holding Dubai-listed real-estate equity, the offer raises the prospect of a smaller, more concentrated pool of listed property names. Emaar Development is the builder behind several of the communities that define the city's residential market, among them Downtown Dubai, Dubai Hills Estate, Dubai Creek Harbour and Dubai Marina. A full takeover would move exposure to those assets from a separately traded entity to the parent company's own shares.

The move also comes against a changed ownership backdrop at the top of the group. Dubai Holding became Emaar Properties' largest shareholder in May 2026 after acquiring a 22.27 per cent stake from the Investment Corporation of Dubai.

Minority holders now face a decision framed by the cash on the table and the board approval still outstanding.