By Andy Sambidge
Dubai Properties Group becomes holding company with three subsidiaries; new branding to be unveiled
Dubai Properties Group (DPG), the property development arm of Dubai Holding, on Wednesday announced its transition into a holding company with three subsidiaries as part of a new vision and strategy.
The new units will be responsible for project development, portfolio management and asset management, the company said in a statement published by news agency WAM.
The new business strategy was formally approved by the DPG board of directors, who emphasised its importance for the group's growth and ability to capture current market opportunities.
Abdulla Al Shamsi, chairman, said: "A thorough market study and understanding of the group's strengths along with the current opportunities in the market were behind the new strategy and the transition into the holding company.
"We are confident that this strategy will give DPG the flexibility to take advantage of the market opportunities, while maintaining its focus on developing world class destinations, real estate projects and property and asset management."
The newly formed DPG holding company will be led by Group CEO, Khalid Al Malik, and will be tasked with "spearheading corporate innovation and growth, with a clear remit to oversee urban and infrastructure planning".
Dubai Properties will be tasked with developing DPG's built to sell portfolio including project development, sales and customer service and handover management.
Ejadah will continue to provide facilities management, property management and security solutions for both the public and private sectors, and a new dedicated portfolio management company Masat will be responsible for a built to lease portfolio.
Al Malik said: "Following our strong recent performance, we have adopted a new focus and business strategy which will enable us to increase our competitiveness and facilitate quicker and more focused delivery.
"This will help maintain our position as one of the leading master developers in Dubai's growing real estate industry. We have a further series of initiatives in the pipeline to support the Dubai Tourism Vision 2021 and with additional companies set to launch in the future, this will further strengthen our support for Dubai's long term vision."
DPG said it will shortly unveil a brand campaign including a corporate identify, alongside a dedicated brand identity for DP and Masat.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.