Dubai Properties sets up new holding company

(FILE)   

Real estate developer Dubai Properties has established a new holding company, Dubai Properties Group (DPG), to consolidate its current operations into distinct business units and bring them under one umbrella organisation.

The new group structure comprises six business units focusing on real estate verticals such as hospitality, property services, international investments, engineering and real estate development. Each entity will operate as a standalone business subsidiary within the Dubai Properties Group, individually accountable for the unit’s management systems, strategic planning and business results.

Reflecting parent company Dubai Holding’s mission, DPG will also seek investment opportunities on a global scale, launching an expansion and diversification drive to double its investment portfolio up to Dh700 billion over the next three years.

Hashim Al Dabal, Chairman of the Board of Directors at DPG, said: “Dubai Properties Group will continue to redefine master development, while diversifying offerings by providing a wider range of realty products and services. We will seek to capitalise on our three-year success and continue growing regionally and internationally.

“We are confident the new organisational framework of Dubai Properties Group will significantly contribute to our long-term strategic objectives, which are in line with Dubai Holding’s vision and Dubai’s strategic goals. We have launched three new entities as the first initiative, which will be followed by more futuristic plans.”

In addition to Dubai Properties, the new group structure comprises Salwan, Injaz, Dubai Asset Management, Dubai Retail and Dubai Hospitality.

Speaking about the group’s investment expansion on a global level, Al Dabal said: “In its bid to explore international investment opportunities, Dubai Properties Group has delegated a team of senior officials to embark on country visits. The teams will visit India, Pakistan, Tunisia, Qatar, Uzbekistan, Madagascar and the Maldives to conduct market analysis and feasibility studies.”

Mohamed Binbrek, CEO, DPG, said: “Operationally, while the new holding company will assume the functions necessary for group management such as corporate planning and corporate communications, our vision is to fully empower the subsidiaries to become drivers of their own growth and expansion strategies.

“Since inception, Dubai Properties has always relied on an internationally acclaimed organisational structure and auditing standards. Within a short time span, we have successfully launched a wide range of real estate projects totalling Dh365bn. The new structure will help us embark on future initiatives and further drive our investment portfolio to create new value propositions.”