Dubai Properties Group launches asset management division

The creation of DAM allows Dubai Properties Group to put five subsidiary divisions under one corporate umbrella.

Dubai Security Group, Dubai Community Ventures, Baabel Life, Enmaa Consultancy and Idama facility services will come under the DAM aegis, although each will continue to operate independently.

'Nobody can predict how the future is going to play out, with the uncertainty on the markets, the Bank of America/Merrill Lynch merger, the credit crunch... So by creating varied revenue streams we can protect our shareholder value,' said Bill Daly, the CEO of Dubai Asset Management.

'The facilities management sector will be worth $53bn between today and 2013, it's a huge area that people tend not to really think about.'

Though DAM is a new entity, its divisions have been present in the market for years. Idama launched its operations in 2004 and has a current market value of Dhs1.9bn, occupying 25% of market share.

DAM currently brings together 1,200 employees in all its subsidiaries and hopes to expand to 3,000 by 2010.

'The organisation will eventually become a corporation in its own right,' said Daly.

Dubai Properties Group is a member of government-owned Dubai Holding.

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