Dubai Properties denies merger with Sama Dubai
Dubai Properties, a subsidiary of Dubai Properties Group, will focus on delivering existing projects this year and will take a call on going ahead with its "planned" projects by mid-January, a top executive said.
Mohamed Binbrek, Group Chief Executive Officer, Dubai Properties Group also told Emirates Business there was no merger with Sama Dubai, a sister concern and a subsidiary of Dubai Holding.
"No merger has happened nor has there been talk of it. In terms of building synergy, we definitely are doing that, not just within Dubai Holding, but across all master developers. We are all working together and this does not reflect the intention to merge," Binbrek said.
"We will be focusing on delivering our projects that are 80 per cent complete, while we have time to take decision on projects that are still in the design and development phase. So far our strategy has not been revisited but we will review it only by mid-January, or in the worst case, in March."
Mohamed Executive Towers in Business Bay, Phase I and II of The Villas and Al Waha Villas project in Dubailand will be completed this year, he said.
Binbrek ruled out reports saying, "work had been stopped in master developments". "No work has been stalled or stopped in our projects. Business Bay is our only project that is in an advanced development stage. Only the infrastructure work is going on in Mudon and Culture Village projects."
However, the global crisis will delay the company's overseas expansion plan, Binbrek said. "Expansion is currently not in our priority list and so our overseas expansion will be delayed."
Asked if the firm was working on strengthening its leasing business in 2009, Binbrek said: "We are building a leasing portfolio and it will be a major contributor to our revenues in our five-year plan.
Although he declined to comment on how the firm planned to raise finance, Binbrek said: "We believe there is still opportunity for growth. In the short term, there might be some delays, but it doesn't mean businesses are going to be 'derailed'."
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