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Dubai Properties revamped into a holding company

Dubai Properties, master developer and a member of Dubai Holding, yesterday revamped its corporate structure and announced the establishment of a new holding company - Dubai Properties Group (DPG).

  • Staff Report
  • Published: 00:01 March 16, 2008
  • Gulf News

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Dubai: Dubai Properties, master developer and a member of Dubai Holding, on Saturday revamped its corporate structure and announced the establishment of a new holding company - Dubai Properties Group (DPG).

Through this restructuring, the company has consolidated its current operations into distinct business units, and brought them under one umbrella organisation.

The new group structure comprises six business units focusing on real estate verticals such as hospitality, property services, international investments, engineering and real estate development.

Each entity will operate as a stand-alone business subsidiary within DPG, individually accountable for the unit's management systems, strategic planning and business results.

DPG plans to seek investment opportunities on a global scale, launching an aggressive expansion and diversification drive to double its investment portfolio up to Dh700 billion over the next three years.

"We are confident the new organisational framework of Dubai Properties Group will significantly contribute to our long term strategic objectives, which are in line with Dubai Holding's vision and Dubai's strategic goals. We have launched three new entities as the first initiative, which will be followed by more futuristic plans," said Hashim Al Dabal, Chairman of Board of Directors, DPG.

In addition to Dubai Properties, the new group structure comprises Salwan, Injaz, Dubai Asset Management, Dubai Retail and Dubai Hospitality.

Salwan will provide property management services to all DPG's entities as well as other organisations. It will run several operations for its commercial and residential stakeholders, including strata and property management, sales and leasing of properties, Mazad Auction House, and property advisory services.

Injaz is mandated with the creation of fully-integrated sustainable communities based on green building guidelines.

The Dubai Asset Management Company will have three subsidiaries, including the Dubai Security Group, offering specialised security services for the first time in Dubai in cooperation with Dubai Police.

Dubai Retail will focus on constructing shopping malls. Dubai Hospitality will endeavour to drive the hotel industry and play a holistic role in studying sectoral market trends.

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