Dubai Restructures Key Companies amid credit crunch

DUBAI, Feb 15 2009 major holding companies linked with the Dubai government unveiled, they will do major restructuring which will include consolidating operations to cut costs as the global downturn hit at the core of the emirate’s financial and property sectors.

Dubai Holding, owned by the ruler of Dubai and driving force of many of the emirate’s ambitious, has announced that it will merge the back-office operations of three of its real estate entities, Dubai Properties Group, Sama Dubai and Mizin (a member of Tatweer) under one consolidated operation.

The three firms have played a role in some of the seaside emirate’s most high-profile projects, including its Business Bay office development and the mass-luxury skyscraper complex called Jumeirah Beach Residence.

While the ownership and core activities of the three companies will not change, this will lead to closer working relationships, by realizing efficiencies through the consolidation of their back-office operations.

This will not impact the legal relationship that the companies have with their current partners including their suppliers, contractors and their investors

The reshuffling in Dubai, The home of the world’s tallest building and magnificent man-made palm-shaped islands, marks how hard the crisis has hit the financial, tourism and property sectors in the Gulf Arab boomtown.

Dubai Holding is also owner of the Burj Al Arab, The Jumeirah Beach Hotel, Wild Wadi Park and many other wonderful projects 

For further information about Dubai Holding’s dicission one may contact:

Mamoon Sbeih
Jiwin Public Relations 
Phone: +97150 4500771
Mamoon.sbeih@jiwin.ae