The decision also includes regulations concerning ownership, and disposal of shares by partners
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The group named Hashim Al Dabbal as executive chairman of property vertical, while Khalid Al Malik, the former chief executive officer of Tatweer, was appointed as group CEO of the unit, the company said.
These appointments follow Dubai Holding’s announcement that it is in the process of realigning its business into four verticals, focused on core competencies, to streamline its operations and ensure the continued delivery of world-class projects and future growth.
The property vertical integrates and leverages the strengths and portfolios of Dubai Properties Group with Sama Dubai, as well as Tatweer’s real estate development projects including Reemram, The Tiger Woods Dubai, Dubailand and Bawadi.
The business parks vertical integrates the existing operations of Tecom Investments with Dubai Healthcare City and Dubai Industrial City.
“This appointment will enable us to drive the necessary realignment of our property business to ensure the long term growth and profitability of the group as we deliver on our mandate to create a better tomorrow for the communities in which we operate,” Dubai Holding Chief Executive Officer Ahmed bin Byat said.
Ahmad Sharaf, former Tatweer Investments CEO has been appointed in a leading role for Dubai Holding’s Corporate Strategy Office. In addition, formerly Dubai Properties Group CEO, Mohamed Binbrek, also moves to Dubai Holding’s Corporate office to lead its newly created infrastructure division.
Dubai Holding, which operates across 13 industries, said on last week that it plans to focus on property, hospitality, business parks and investments as part of a restructuring strategy.
Last month, Moody’s downgraded the ratings of Dubai Holding Commercial Operations Group to A3 from A2 and placed the ratings on review for possible further downgrade in the wake of difficult conditions on the emirate’s property market due to global economic downturn.
The decision also includes regulations concerning ownership, and disposal of shares by partners
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