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Dubai Holding announces shake-up amid downturn

Dubai Holding, the investment group owned by Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, is to streamline its operations into four different units - property, business parks, hospitality and investments.

The changes are aimed at ensuring the group’s future growth amid the global economic slowdown and should provide significant synergies within its portfolio, Dubai Holding said in a statement on Sunday.
“The realities of the global economic climate have made it necessary for us to look at our portfolio in a different way. In order to remain competitive in the marketplace, and be sure that we are poised for success once the markets open up, we've undertaken a number of changes that will reinforce and strengthen our business,” said chief executive Ahmad bin Byat.

“Bringing together the companies in our portfolio into these four verticals has allowed us to build on our existing strengths by aligning complementary businesses.

"By building on the synergies within our portfolio our businesses are able to take advantage of the diverse expertise within Dubai Holding like never before.”

Dubai Holding currently has seven member companies: Jumeirah Group, TECOM Investments, Dubai Group, Dubai Properties Group, Tatweer, Sama Dubai and Dubai International Capital.

Dubai Group said in February it would merge its operations with Dubai International Capital, while Dubai Properties, Sama Dubai and Tatweer are to merge with real estate giant Emaar following an announcement in June.

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