Nakheel will take over day-to-day management of several Dubai World companies.
A statement released by Dubai World today said that operational management relating to the real estate activities of some of its companies is being consolidated to better accommodate current market conditions and optimise resources and expertise.
The real estate development and property management activities of Dubai Maritime City, Leisurecorp, and Dubai Multi-Commodities Centre will be managed by Nakheel going forward.
Dubai World sais that the changes would have no impact on the day-to-day core business of the companies.
Integration planning is currently underway with the assistance of consultants Alix Partners, and that process will be completed over the summer.
Dubai World underlined that it is a key player in the real estate business in Dubai and across the world, and indicated that its developments and brands have invigorated the industry, re-defining what is possible through its companies’ imagination, efforts, and dedication.
The entity said it is extremely proud of what it has achieved and that it intends to continue to be a leader in the real estate business. It added that these decisions will help it better meet the needs of customers and position it for future success.
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