Dubai World's interests include the troubled Las Vegas CityCenter project, the largest individual development in the US by contract value.
Dubai World has moved to quash rumours that it is planning to move under the umbrella of the Government of Dubai’s investment arm, the Investment Corporation of Dubai (ICD).
“We are an independent corporation with significant operations around the world, and there is no plan to move Dubai World under ICD,” the firm said in a statement released this weekend.
“We will continue to work as an independent organisation to realise the long term vision of Dubai and the UAE.”
Rumours of a possible amalgamation of assets between the two holding companies gathered pace over the past week with the news that Dubai World subsidiary, Infinity World, was experiencing complications through its involvement alongside MGM in the troubled Las Vegas CityCenter project.
Dubai World’s portfolio includes Nakheel and Limitless, both of which remain exposed to the slowdown in the real estate sector, a factor which has further fuelled rumours.
“Dubai World is one of the foremost companies in Dubai, with going concerns in infrastructure, real estate, tourism and logistics both within the UAE and internationally,” the Dubai World statement added.
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A second statement, issued by ICD, moved further to stamp out what it termed “the recent media speculation” surrounding the move.
“While ICD has an important role in supporting the activities of government-linked entities, it makes no sense to put one holding company within another, thereby duplicating efforts,” the ICD statement said.
“ICD and Dubai World are two separate, independent pillars of the Dubai economy.”
ICD already holds stakes in numerous Dubai-based companies, including Emaar Properties, Dubai World Trade Centre and Galadari Brothers, and has a variety of interests in the financial sector.
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