Tatweer, a developer based in Dubai, is restructuring its operations under two divisions, one of which will be dedicated to the company's expansion overseas. The company, which is developing the US$80 billion (Dh294bn) Dubailand project, said its six business operations would now fall under Tatweer Dubai and Tatweer Investments.
Tatweer Dubai will focus on the company's domestic business, including Dubai Healthcare City, Dubailand, Bawadi, Theme Parks Cluster and Dubai Industrial City, while Tatweer Investments will work on taking "the Dubai model overseas". The developer is eyeing markets including India, China and some European countries. "Tatweer's restructuring initiative is in response to its enormous growth curve," said Saeed al Muntafiq, the executive chairman of Tatweer. "It also marks the transition of Tatweer from its initial phase of identifying core business areas to its next stage of delivering critical projects in Dubai while establishing a sound base for international growth."
Khalid al Malik, the new chief executive of Tatweer Dubai, will focus on projects in the UAE and advance strategic long-term partnerships with organisations such as Partners-Harvard Medical International and Universal Studios, or individuals such as Tiger Woods. Mr Malik said recently that investments in projects in Dubai had reached Dh50bn and would hit "Dh200bn in the next five years". Tatweer says it owns about 325 square kilometres of land.
Ahmad Sharaf, the senior vice president of Tatweer and chairman of Mizin, a Tatweer-owned developer, will be the chief executive of Tatweer Investments, which will replicate the various branded properties overseas. Tatweer Investments will also support Mizin and establish new businesses in the food industry through alliances with leading international brands. Tatweer is a subsidiary of the government-owned Dubai Holding.
ngillet@thenational.ae
