Dubai Holding consolidates its property companies and financial arms

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CORONAVIRUS IMPACT

Dubai Holding, one of the Dubai’s largest business conglomerates, said it was consolidating the back-office operations of its property companies and two of its financial arms in the latest move by the Government to adjust as the global economic crisis hits the Gulf, according The National.

In a statement Dubai Holding said it would merge the administrative and back-office functions of Dubai Properties, Sama Dubai and Mizin, a subsidiary of Tatweer, to form “closer working relationships by realising efficiencies through the consolidation”. The move would not change the companies’ “core activities” or have any impact on the legal relationships the companies have with their current partners, including their suppliers, contractors and investors.

In the mean time Soud Ba’alawy, Executive Chairman of Dubai Group and Sameer Al Ansari, Executive Chairman of Dubai International Capital will take on the roles of Chairmen of Dubai Holding Investment Group. Tom Volpe, current CEO of Dubai Group, will become the CEO of Dubai Holding Investment Group and Acting CEO of Dubai International Capital.

The ownership and core activities of Dubai International Capital and Dubai Group, an investment company managing more than $40 billion, will not change and both companies are to forge a closer working relationship to realize efficiencies through the consolidation of their back-office operations.

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