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
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