August 22, 2009 / 11:04 AM / 10 years ago

Dubai Holding completes property revamp

DUBAI (Reuters) - Dubai Holding, a firm owned by the Gulf Arab emirate’s ruler, said on Saturday it had merged the portfolios of its property subsidiaries Dubai Properties, Sama Dubai and Tatweer as part of its restructuring plans.

Last week Dubai Holding said it was reorganizing itself in order to cope with the impact of the economic crisis, condensing seven of its units into four — property, business parks, hospitality and investments.

The formation of the business parks unit had also been completed, the company said in a statement.

“Existing project plans will remain in place,” Dubai Holding said in the statement.

Dubai Properties, Sama Dubai and leisure and theme park developer Tatweer are all in talks to merge with the emirate’s leading developer, Emaar Properties (EMAR.DU).

The business parks unit integrates the existing operations of business park operator Tecom, Dubai Healthcare City and Dubai Industrial City, the statement said.

Moody’s in July downgraded the ratings of Dubai Holding Commercial Operations Group to A3 from A2 and placed the ratings on review for possible further downgrade to reflect the continued fundamental challenges” and “financial profiles in the wake of difficult conditions on Dubai’s property market.”

Reporting by Raissa Kasolowsky

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