Dubai Holding today announced that the first phase of the company's realignment has been completed with the formation of two verticals, Property and Business Parks.
The formation of these two verticals is the first step in executing the full realignment into four verticals, as announced recently, in order to streamline its operations and ensure the continued delivery of world-class projects and future growth of the organization.
The verticals allow Dubai Holding to build on its core competencies in two major specializations and effectively bring together complementary assets across the business, allowing access to greater benefits for customers. Existing project plans will remain in place.
The Property vertical integrates and leverages the strengths and portfolios of Dubai Properties Group with Sama Dubai, as well as Tatweer's real estate development projects including REMRAAM, The Tiger Woods Dubai, DUBAILAND® and BAWADI, to create one of the largest real estate and development based businesses in the region. Each business brings considerable and distinctive strength to the Property vertical.
The Business Parks vertical integrates the existing operations of TECOM Investments with Dubai Healthcare City and Dubai Industrial City, thus expanding the focus of the development of innovation in information, communication, media and knowledge to also include healthcare and industrial development.
Ahmad Bin Byat, CEO, Dubai Holding, said: "The process of realignment has led to the development of Dubai Holding into a more efficient organization, able to respond more effectively to the needs of its stakeholders. The transition has been smooth and had minimum impact on our relationships with our partners and clients."
Source: Property World ME