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Thu 16 Dec 2004 04:00 AM

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Dubai Properties plans slew of mega projects

New company launched to manage real estate assets of Dubai Holding

Dubai Holding has launched Dubai Properties, a new subsidiary that will execute major new projects, as well as manage existing ones under the umbrella of Dubai Holding. Projects that Dubai Properties has inherited include Dubai Healthcare City, the expansions at Dubai Media City and Dubai Internet City and the AED 7.5 billion Jumeirah Beach Residence, the largest single-phase residential and commercial project in the world, according to Mohammed Al Gergawi, chairman of Dubai Holding.

“Dubai Properties is a well-established company which will be the leading property development corporation in the region. The launch of Dubai Property is in line with the ever-growing property sector in the country,” said Al Gergawi.

Dubai Properties plans to announce a number of new mega projects in the UAE in the next few weeks. It aims to meet the rising demand for residential property in Dubai and to become one of the major players in the UAE real estate sector.

Hashim Al Dabal has been named as chief executive officer of the new division. He said: “Dubai Properties aims to be the major player in the property sector in the region. It will benefit from the vast experience of Dubai Holding and its entities and execute high-quality projects such as Jumeirah Beach Residence. We are studying several plans which will help us grow and expand our operations.”

Jumeirah Beach Residence, one of Dubai Holding’s entities and one of the largest property projects of the company, has reached an advanced stage of construction. The project consists of a series of towers overlooking the Gulf and will feature facilities such as shopping malls, cinemas, restaurants, health clubs, schools, healthcare centers, hotels, and offices.

According to Gergawi, Dubai Properties will be working on many major new projects. “The next stage will also witness the establishment of investment companies in co-operation with our sister companies such as Dubailand and Dubai Healthcare City,” Al Gergawi said. “We will also be collaborating with other Dubai Holding companies to provide services such as central cooling and technology related support.”

Dubai, Al Dabal added, will continue to attract huge investments. Current projects, he said, have generated enormous interest facilitated by flexible regulations and economic policies. “Dubai Properties will enter a new thriving era as it will execute a series of major new projects in the country,” Al Dabal said.

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