By Andy Sambidge
Dubai Holding CEO announces shake-up for real estate arm; to set long-term strategy
Dubai Holding announced on Sunday that it has set up a new board of directors for Dubai Properties Group (DPG), its real estate arm.
The newly appointed board will constitute three independent non-executive directors and two executive directors.
The Board will be responsible for setting long-term business strategy, overseeing implementation, ensuring adequacy of internal controls and strategic risk management, Dubai Holding said in a statement.
"This governance model has been developed after extensive benchmarking against international and local best practices within the local regulatory framework," it added.
Ahmad Bin Byat, CEO of Dubai Holding, said: "We recognise the significance of strong corporate governance especially in large diversified operations such as ours.
"The establishment of the board will further enhance the international best practices adopted at Dubai Properties Group. Dubai Holding is pleased to have such calibre of industry experts, who will bring solid knowledge and industry insights."
Abdulla Al Shamsi, general manager of United Arab Shipping Agencies, has been named as the chairman with other board members include Mohammed Al Jallaf, managing director, Al Huda Investments; George Mushahwar, managing partner, Zaya Advisory; Nicholas Clayton, chief operating officer, Jumeirah Group; and Khalid Al Malik, Group CEO, DPG.
DPG's portfolio includes high profile projects like Business Bay, Jumeirah Beach Residence, and Dubailand.
Through its subsidiaries Salwan and Ejadah, DPG delivers end-to-end real estate management solutions, including sales, leasing, facilities management and security.
Last year, DPG said it plans to spend “millions of dirhams” in upgrading facilities at the $1.6bn Jumeirah Beach Residence after widespread complaints from tenants of poor maintenance.
Residents in the upscale development said lax security, badly maintained communal areas and dirty swimming pools were contributing to a declining standard of living in the 36-tower project.
Dubai Properties Group (DPG) should fulfill their short term obligations before they worry about their long term strategy.
There are several developments in Dubai (for example Culture Village and Dubailand) that have stalled and/or are on hold because DPG have failed to provide the necessary power (DEWA).
I suggest DPG sort out their priorities before even more people start legal action.
are they responsible for Culture Village too?
I thought that was all over with i.e. never going to be built.
Not heard a thing on that for years just an occasional "Versace Hotel will be built" comment.
Looks like a kids playground out there after they have gone home, leaving broken swings and toy cranes scattered around with nothing happening.