Leading master real estate developer Dubai Properties, a member of Dubai Holding, today revamped its corporate structure and announced the establishment of a new holding company – Dubai Properties Group (DPG) – consolidating all its current operations into distinct business units, and bringing them under one umbrella organization.
The new group structure comprises six business units focusing on real estate verticals such as hospitality, property services, international investments, engineering and real estate development. Each entity will operate as a stand-alone business subsidiary within the Dubai Properties Group, individually accountable for the unit’s management systems, strategic planning and business results.
Reflecting its parent company Dubai Holding’s mission, Dubai Properties Group will also seek investment opportunities on a global scale,, launching an aggressive expansion and diversification drive to double its investment portfolio up to AED 700 billion over the next three years.
Hashim Al-Dabal, Chairman of Board of Directors, Dubai Properties Group, said: “Dubai Properties Group will continue to redefine master development in the real estate sector, while diversifying its offerings through providing a wider range of
realty products and services. We will seek to capitalize on our phenomenal three-year success and continue growing regionally and internationally.
“We are confident the new organizational framework of Dubai Properties Group will significantly contribute to our long term strategic objectives, which are in line with Dubai Holding’s vision and Dubai’s strategic goals. We have launched three new entities as the first initiative, which will be followed by more futuristic plans.”
In addition to Dubai Properties, which has notched several milestones in the real estate market, the new group structure comprises Salwan, INJAZ, Dubai Asset Management, Dubai Retail and Dubai Hospitality.
Salwan will provide property management services to all entities of the Dubai Property Group as well as other organisations. Salwan will run several operations for its commercial and residential stakeholders, including strata and property management (for Dubai Properties Group as well as other companies), sales and leasing of properties, Mazad Auction House, and property advisory services.
INJAZ is mandated with the creation of unique and fully integrated sustainable communities that will boast a spectrum of features based on green building guidelines.
The Dubai Asset Management Company will boast three subsidiaries, including the Dubai Security Group offering for the first time in Dubai specialized security services in cooperation with Dubai Police. It will also extend its services to other real estate projects, in addition to running specialized programmes for training employees from diverse organizations. The Dubai Asset Management Company will also include IDAMA Facility Management and Dubai Community Ventures.
Dubai Retail, the fifth component of Dubai Properties Group, will focus on developing the retail sector through constructing shopping malls and retail markets, while Dubai Hospitality will endeavour to drive the hotel industry and play a holistic role in studying sectoral market trends.
Speaking about the group’s investment expansion on a global level, Al Dabal said: “In its bid to explore international investment opportunities, Dubai Properties Group has delegated a team of senior officials to embark on country visits. The teams will visit India, Pakistan, Tunis, Qatar, Uzbekistan, Madagascar and the Maldives to conduct market analysis and feasibility studies.”
Mohamed Binbrek, CEO, Dubai Properties Group, said: “Operationally, while the new holding company will assume the functions necessary for group management such as corporate planning and corporate communications, our vision is to fully empower the subsidiaries to become drivers of their own growth and expansion strategies.
“Since inception, Dubai Properties has always relied on an internationally acclaimed organizational structure and auditing standards. Within a short time span, we have successfully launched a wide range of real estate projects totalling AED365 billion. The new structure will help us embark on distinctive future initiatives and further drive our investment portfolio to create new value propositions for our stakeholders.”
The real estate master developer recently announced its roadmap for 2008, which included the launch and hand over of approximately 5,000 commercial, residential, and retail units from across its diverse portfolio of projects.
