Dubai Properties Group (DPG), the developer behind Business Bay, is restructuring its business into three main units.
DPG will become a holding company under the new structure, with three businesses focused on property development, leasing and facilities management.
It is the latest move by a major Dubai developer to reorganise its business to better tap an industry-wide rebound.
“We are confident that this strategy will give DPG the flexibility to take advantage of the market opportunities,” said the chairman Abdulla Al Shamsi.
As one of Dubai’s big three developers alongside Emaar and Nakheel, DPG has built thousands of homes across the emirate with projects such as Jumeirah Beach Residence, Business Bay and Remraam.
It was hit hard by the 2008 property crash but has recently started to return to large-scale development, announcing a clutch of new projects at last October’s Cityscape property exhibition in Dubai.
The newly formed DPG holding company will be led by Khalid Al Malik, the group chief executive, DPG said in a statement.
Under the new organisation, Dubai Properties will oversee the built to sell portfolio while Masat will manage the leased properties. Ejadah will continue to provide facilities management.
DPG is expected to be one of the key vehicles for delivering projects to support the 2020 Expo.
business@thenational.ae
Follow us on Twitter @Ind_Insights
