Dubai holding reorganizing its business
As per media reports, Dubai Holding, one of the emirate's three major holding companies, is reorganizing its business in preparation for an end to the economic downturn.
The announcement reflects the latest move towards consolidation among Dubai corporations as they streamline and cut costs in times of slowing activity and declining asset values.
Dubai Holding, under the plan, will reorganize its companies into property, Business Park, hospitality and investment units.
According to Ahmad bin Byat, the chief executive of Dubai Holding, "The realities of the global economic climate have made it necessary for us to look at our portfolio in a different way."
It should be noted that the company, which was formed this year when Dubai Group and Dubai International Capital (DIC) were combined, is divided between the Dubai Holding Commercial Operations Group (DHCOG) and the Dubai Holding Investment Group.
The Property developers Dubai Properties Group, Sama Dubai and Tatweer are under DHCOG.
It has appeared that discussions are being held by Dubai holding in order to merge the three with Emaar Properties, the Middle East's largest developer.
Furthermore, the hotel operator Jumeirah Group and the business park operator TECOM Investments are also owned by DHCOG.
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