Dubai: The Dubai Properties Group opens up a new revenue stream for itself through the launch of a new company within its fold — Masat will handle the Group’s portfolio of built-to-lease (BTL) properties. It will start off by managing the Group’s assets such as the Layan, Shurooq, Ghoroob and Al Khail Gate, and retail projects such as The Walk at JBR, Bay Avenue in Business Bay.
The company will be headed by Arif Mubarak, CEO, and formerly being the chief operating officer of DPG. “Following the strong performance of our BTL portfolio and increased investor demand we are seeing in the region, we made a strategic decision to launch a dedicated portfolio and management company,” said Khalid Al Malek, Group CEO.
Regulation
For new projects, Masat will manage the retail and mall management and leasing of commercial projects. It will also be responsible for managing DPG’s destinations and districts, while providing a framework for regulating investor activities. The new role will also encompass management of land leasing on behalf of DPG.
“We aim to maintain the high occupancy rate in all our leasing developments through careful management of DPG’s leasing portfolio and an increased interest in investor relations of all destinations and districts,” said Mubarak.
