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28 March 2024

DPG now a holding company

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By Staff

Dubai Properties Group (DPG), the real estate development arm of Dubai Holding, said on Wednesday it has been converted into a holding company with ownership of three companies.

The companies will each be responsible for project development, portfolio management and asset management.

Abdulla Al Shamsi, Chairman of the DPG Board of Directors, in a statement, 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 it will be responsible for delivering the strategy and vision of the group to ensure continued support for the long-term development of Dubai through its flagship destinations and districts.  DPG will also be tasked with spearheading corporate innovation and growth, with a clear remit to oversee urban and infrastructure planning.

As part of the new strategy, DPG will have under its umbrella three independent companies responsible for implementing DPG’s overarching strategy and vision – Dubai Properties (DP), which was previously known as Dubai Properties LLC will be tasked with developing DPG’s BTS (built to sell) portfolio including project development, sales and customer service and handover management.

Ejadah, the asset management company, 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 BTL (built to lease) portfolio management across DPG’s destinations and districts, including land leases, retail and mall management.

Elaborating on the announcement, 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 will shortly unveil a brand campaign including a new DPG corporate identify, alongside a dedicated brand identity for DP and Masat.