Group CEO, Khalid Al Malik
Dubai Properties Group (DPG), the property development arm of Dubai Holding, today announced its future vision and strategy which will see the group transition into a holding company with the ownership of three companies.
The companies will each be responsible for project development, portfolio management and asset management. The new business strategy was formally approved by the DPG Board of Directors, who emphasized its importance for the group’s growth and ability to capture current market opportunities.
Commenting on this, Abdulla Al Shamsi, Chairman of the DPG Board of Directors said, “A thorough market study and understanding of the group’s strengths along with the current opportunities in the market were behind the new strategy and the transition into the holding company. We are confident that this strategy will give DPG the flexibility to take advantage of the market opportunities, while maintaining its focus on developing world class destinations, real estate projects and property and asset management.”
The newly formed DPG holding company will be led by Group CEO, Khalid Al Malik, and it will be responsible for delivering the strategy and vision of the group to ensure continued support for the long-term development of Dubai through its flagship destinations and districts. DPG will also be tasked with spearheading corporate innovation and growth, with a clear remit to oversee urban and infrastructure planning.
As part of the new strategy, DPG will have under its umbrella three independent companies responsible for implementing DPG’s overarching strategy and vision – Dubai Properties (DP, which was previously known as Dubai Properties LLC) will be tasked with developing DPG’s BTS (built to sell) portfolio including project development, sales and customer service and handover management. Ejadah, the leading asset management company, will continue to provide facilities management, property management and security solutions for both the public and private sectors, and a new dedicated portfolio management company Masat will be responsible for BTL (built to lease) portfolio management across DPG’s destinations and districts, including land leases, retail and mall management.
Elaborating on the announcement, Mr. Khalid Al Malik, Group CEO of DPG commented: “Following our strong recent performance, we have adopted a new focus and business strategy which will enable us to increase our competitiveness and facilitate quicker and more focused delivery. This will help maintain our position as one of the leading master developers in Dubai’s growing real estate industry. We have a further series of initiatives in the pipeline to support the Dubai Tourism Vision 2021 and with additional companies set to launch in the future, this will further strengthen our support for Dubai’s long term vision.
Mr. Al Malik attributes DPG’s recent performance to its successful business strategy of developing in line with market demand, enhancing its destinations, districts and communities and launching new projects that provide strong investment opportunities, which he says will remain a core focus for DPG going forwards. DPG has also witnessed strong demand for its built to sell (BTS) projects, resulting in a complete sell out of its Mudon community in DUBAILAND and Bay Square, DPG’s mixed-use project in Business Bay, as well as a record high 99% occupancy rate in its residential built to lease (BTL) communities, now home to over 200,000 residents in Dubai.
DPG will shortly unveil a brand campaign including a revitalized DPG corporate identify, alongside a dedicated brand identity for DP and Masat, in keeping with DPG’s overall look and feel.