Dubai Properties Group recasts holding structure

Dubai Properties Group recasts holding structureImage Credit: Grace Paras, Archives, gulfnews.com

Dubai Properties Group is making a transition into being a holding entity with ownership of three companies. The three will each be responsible for project development, portfolio management and asset management. The revised business strategy has been approved by the board of directors.

''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,'' said Abdullah Al Shamsi, chairman. ''We are confident this strategy will give DPG the flexibility to take advantage of the market opportunities.''

Dubai Properties (previously Dubai Properties LLC) will develop the Group's 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. A new entity, Masat, is responsible for built-to-lease portfolio management across the Group's locations, as well as land leases, retail and mall management.

''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,'' said Khalid Al Malik, Group CEO. ''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.''

In the recent past, it has recorded strong demand for its built-to-sell projects, resulting in a sell out of its Mudon community in Dubailand and Bay Square, a mixed-use project in Business Bay.

The Group will shortly unveil a brand campaign including a revitalised corporate identity alongside dedicated identities for DP and Masat.

Source: Staff Report, gulfnews.com

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