Emaar Properties PJSC Plans AED 12 Billion Office District at Dubai Creek Harbour

DUBAI, United Arab Emirates — Emaar Properties PJSC on Nov. 9, 2026, announced plans for the Dubai Square Business District, a 300,000-square-metre commercial and office development in Dubai Creek Harbour with a total development value of AED 12 billion, or about $3.27 billion.

The district is planned beside Dubai Square, a retail, hospitality and entertainment destination, and the proposed Dubai Creek Tower, which the developer describes as envisioned to be a global landmark. The 300,000 square metres is equivalent to roughly 3.23 million square feet.

Project Details: Dubai Square Business District

Emaar said the office towers will frame Dubai Square on all sides, with avenues radiating from Icon Plaza and green corridors running through the blocks. Two metro stations are planned to serve the district directly, and the office buildings are to be linked to them through climate-controlled connections.

One of the stations is Dubai Creek Harbour's Iconic Metro Station, which Emaar describes as the highest metro station in the world. Across Dubai Creek Harbour, the master plan includes three metro stations, 17 bus stops and a 7-kilometre Discovery Loop.

The announced figures imply a development value of approximately AED 40,000 per square metre, or AED 3,716 per square foot. The announcement is a development plan rather than a sale or financing transaction.

Mixed-Use Setting in Dubai Creek Harbour

Emaar said four hotels will stand around Dubai Square, with eight across the wider master plan, and that three park areas sit within the district. The master plan includes 15 parks, four ecological green corridors and 13% open space.

The developer said Dubai Square is to include drive-through shopping, an outdoor retail concept, multiple entrances and exits, direct opening onto Icon Plaza and direct connectivity to the Iconic Metro Station.

The surrounding community is planned to house about 200,000 residents across more than 200 residential towers and 75,500 homes. Emaar said residential plots are about a five-minute walk from the mall. Planned supporting facilities include seven schools, 14 nurseries, two hospitals, 25 clinics, 11 mosques and more than 70 community shops. The waterfront is to include a 4.5-kilometre promenade and a 600-metre urban beach.

Mohamed Alabbar, founder of Emaar, said: "Some places are built for business. This place was built for ambition. When the history of Dubai's next chapter is written, it will be written from these towers." He added: "We did not set out to build an office district. We set out to build the address every ambitious company in the world dreams of. Dubai Square is that address."

Dubai Office Market Backdrop

The announcement comes as Dubai's office market remains supply-constrained, particularly for high-quality Grade A space. CBRE reported that Dubai office rents rose 13% year over year in the second quarter of 2026, with prime rents up 16% and occupancy at approximately 94%. Less than 300,000 square metres of new office supply is expected across 2026 and 2027, and preleasing in DIFC, TECOM and DMCC is absorbing a significant share of future supply.

Savills recorded about 20,200 office rental transactions in the third quarter of 2026, down 8% from the prior quarter, with average rents of approximately AED 241 per square foot. New leases accounted for 51% of activity and renewals for 49%.

Cushman & Wakefield Core reported a citywide average of AED 213 per square foot in the third quarter, with rents up 4% quarter over quarter and occupancy steady. Only 50,000 square feet of office space was delivered in the quarter, with about 770,000 square feet expected in the fourth quarter, bringing 2026 completions to about 1.7 million square feet. The differences among the benchmarks reflect variations in building quality, location, lease sample and methodology.

Emaar's Financial Position

In the first nine months of 2026, Emaar's group revenue rose 13% to AED 37.5 billion, EBITDA increased 19% to AED 19.7 billion and net profit before tax rose 18% to AED 19.8 billion. The company reported a revenue backlog of AED 158.8 billion.

Emaar's shopping malls, retail and commercial-leasing portfolio generated AED 5.2 billion of revenue, up 10% year over year, with EBITDA up 8% to AED 4.4 billion and portfolio occupancy of about 98% as of Sept. 30, 2026.

Emaar Development reported first-nine-month revenue of AED 22.2 billion, up 26%, EBITDA of AED 11.4 billion, up 28%, and net profit after tax of AED 10.8 billion, up 24%.

Competitive Positioning and Outlook

Dubai Square Business District is positioned against established office areas such as DIFC, Downtown Dubai, Business Bay, TECOM and DMCC. Its planned differentiation rests on a mixed-use setting that combines direct metro access, a large retail and entertainment destination, hotels, parks, waterfront space and housing within one master-planned area.

The AED 12 billion figure represents the stated total development value of the project and should not be read as an immediate cash outlay or committed construction budget.

Sources

• Emaar Properties press release: https://www.emaar.com/en/press-release-listing/dubai-square-business-district-the-address-of-ambition