Arif Mubarak; Dubai Properties Group Chief Executive Officer
Dubai Properties Group (DPG), the property development arm of Dubai Holding, and master developer of world class destinations in Dubai including Business Bay, DUBAILAND, The Walk at JBR and Culture Village, has announced the establishment of Masat, a new dedicated portfolio management company responsible for overseeing and managing DPG’s BTL (built to lease) portfolio across its destinations and districts. Masat will join Dubai Properties (DP) and Ejadah as one of three independent companies under the newly formed DPG holding company.
Masat’s company structure will include property management, mall and retail management, district management, business development, marketing, and customer service. The company will be headed by Chief Executive Officer Arif Mubarak, former Chief Operating Officer of DPG, who will oversee the company’s strategy and business development, including management of investor relationships.
Commenting on Masat’s establishment, Group CEO of DPG, Mr. Khalid Al Malik said: “Following the strong performance of our BTL portfolio and increased investor demand we are seeing in the region, we made a strategic decision to launch a new dedicated portfolio and management company.
He continued by saying: “Masat will play a key role in the success of our new structure, further cementing our flagship destinations and districts in the market, and managing our existing portfolio to maintain our leading position in the Dubai real estate market.”
CEO Arif Mubarak added: “Masat is a unique company in the market, set to handle such a diverse range of services from commercial and residential leasing to mall management to district management, in addition to its key role in implementing regulations on behalf of its master developer, DPG. We aim to maintain the high occupancy rate in all our leasing developments through careful management of DPG’s leasing portfolio and an increased interest in investor relations of all DPG destinations and districts.”
In addition, Masat’s new role will also encompass management of land leasing on behalf of DPG to cater to growing investor opportunities in the region. For all new and existing leasing projects, Masat will manage retail and mall management and leasing of commercial projects. The company will also be responsible for enhancing and managing DPG’s destinations and districts, whilst providing a framework for regulating investor activities.
Masat will be commercially and operationally responsible for maintaining communities including Layan, Shorooq, Ghoroob, Al Khail Gate, Nuzul, Bay Square Plaza, and The Villa. The company’s mandate also includes retail management for DPG’s iconic beachside destination The Walk at JBR, Bay Avenue in Business Bay, as well as all community centers in DPG’s communities.