Dubai Properties may spend $1.1bn annually on plans

Khalid al-Malik, chief executive of Dubai Properties, has said the group has sufficient liquidity and plans to spend up to ($1.09bn) annually in the next three years on its future plans, Arabic daily Al Khaleej has reported. The company has a three-stage plan to restructure its current and future business both locally and internationally, he said, adding that the first phase and a good part of the second have been finalized. 'The third phase will focus on delivering projects that are close to completion and handover deadlines,' he said.