Dubai Holding confirms real estate consolidation

16 February 2009
Dubai Holding has confirmed that it will merge the back-office operations of three of its real estate subsidiaries, Dubai Properties Group, Sama Dubai and Mizin, which is part of Tatweer.

MEED revealed in early February that Dubai Holding was planning such a move (MEED 1:2:09).

Although the ownership and core activities of the three companies will not change, the companies aim to achieve greater efficiencies by merging many of their operations.

Dubai Holding stresses that the consolidation will not impact the legal relationship that the companies have with their suppliers, contractors and investors, many of who are still awaiting payment for work completed on Dubai Holding’s projects.

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