Property revamp completed by Dubai Holding
Diversified Investment major Dubai Holding stated that it has merged the portfolios of its subsidiaries, Dubai Properties, Sama Dubai and Tatweer.
The firm is reorganizing to sustain the economic crisis, and has consolidated its seven units into four units of property, business parks, hospitality and investments.
The company also stated that its business parks unit has been established. Dubai Holding said, "Existing project plans will remain in place."
Meanwhile Dubai Properties, Sama Dubai and Tatweer are holding talks with Emaar Properties, emirate's leading developer, on merger.
It was stated that the business parks unit has integrated the operations of business park operator, Tecom, Dubai Healthcare City and Dubai Industrial City.
The July rating of Dubai Holding Commercial Operations Group was downgraded by Moody's from A3 from A2 and is likely to be further downgraded due to hard times for Dubai's property market as the 'fundamental challenges' and 'financial profiles' are to going to continue.
New Zealand News
- Hyundai Motor Corp to create ultra-fast EV charging network E-pit in Korea
- MGE gets six-month extension for South Korea’s Inspire Entertainment Resort development project
- Price of two cheapest trims of Tesla Model 3 electric sedan increased by $500
- Genting Malaysia asks employees to accept reduced pay; executives to take leave without pay
- Tesla to design & build affordable EV in China: Tom Zhu
- Norway’s ICE car sales decline as buyers making shift to EVs
- Pursang launches Retro-inspired E-Track Motorcycle for Euro 14,449 in Netherlands
- ElectReon successfully tests dynamic wireless EV charging system on public road in Sweden
- Volvo to design special Gothenburg Green City Zone for autonomous & related technologies