The real estate development and property management activities of Dubai Maritime City, Leisurecorp, and Dubai Multi-Commodities Centre will be managed by Nakheel going forward.
The changes have no impact on the day-to-day core business of the companies.
Integration planning is currently underway with the assistance of consultants Alix Partners, and that process will be completed over the summer.
Dubai World underlined it is a key player in the real estate business in Dubai and across the world, and its developments and brands have invigorated the industry, re-defining what is possible through its companies' imagination, efforts, and dedication.
It said it is extremely proud of what it has achieved and that it intends to continue to be a leader in the real estate business. It added that these decisions will help it better meet the needs of customers and position it for future success.
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Dubai World real estate and property management activities to be managed by Nakheel
- United Arab Emirates: Thursday, June 25 - 2009 at 17:15
- PRESS RELEASE
Dubai World said today operational management relating to the real estate activities of some of its companies is being consolidated to better accommodate current market conditions and optimize resources and expertise.
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Dubai WorldDubai World is Dubai's global investment flag bearer focusing on five strategic growth areas: Transport & Logistics, Drydocks & Maritime, Urban Development, Investment & Financial Services, and Energy & Natural Resources.
Its portfolio comprises some of the world's best known companies, including DP World, Drydocks World & Dubai Maritime City, Economic Zones World, Nakheel, Leisurecorp, and Istithmar World.
Dubai World's strategy is driven by a combination of pragmatic acquisitions and prudent investments and its corporate philosophy is based on strong fundamentals, best ethical practices and integrity.
Media inquiries:
Sanaa Maadad
+971 4 8080321
Posted by Rima Ali Al MashniThursday, June 25 - 2009 at 17:15 UAE local time (GMT+4)
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