SG Holdings to steer Dh7b developments

Dubai: SG Holdings, a business conglomerate with interests in real estate, media, travel and value-added enterprises, has consolidated all its businesses under the umbrella of SG Holdings, which will steer developments of over Dh7 billion.

SG Holdings will unveil the first project as a holding group today with Western City, a Dh2.2 billion mixed-use theme park at Dubailand.

"The world over, business enterprises are consolidating their core capabilities and integrating their diverse streams of businesses to ensure efficient use of resources, enhance productivity and add value to their products and services," said Abdullah Ali Al Suwadani, chairman and president, SG Holdings.

"Today, we are entering that new league of enterprise efficiency with the unveiling of SG Holdings. This is in line with our expansion plans, particularly focused on real estate development and value-added enterprises."

SG Holdings has four strategic business units (SBU): SG Capital for investment, management and financial structuring; SG Developments will oversee the property development portfolio; SG Program Management will handle group operations; and SG Shared Service Centre will streamline support services such as finance, accounting, information technology and human resources.

"SG Holdings will be headquartered in Dubai, and have branches in Saudi Arabia and the US," added Abdullah. "We have consistently attained our annual growth target of 15 per cent. Since 2004, we have delivered projects that yielded a net income of Dh623.9 million. With the restructuring of the company, we want to create substantial strategic value to the company while also underscoring our corporate social responsibility by adding value to the society we serve in."

"Real estate is one of the key growth sectors in the region and our focus is on developing strategic projects of long-term value. We have also prioritised value-added enterprises as a growth area for which investments will be made through development projects funds, limited partnerships and special purpose investment vehicles that offer both limited partnership and co-investment opportunities to our investors."

SG Holdings will principally focus on the GCC region - especially the UAE, Saudi Arabia and Qatar.