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Dubai Holding marks the end of 2017 with record achievements
(7 February 2018)

 

Dubai Holding, the global investment holding company, continues to play a prominent role in developing Dubai as a world-class destination for tourism and business through supporting the Emirate’s diversification plan. Its initiatives, guided by the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, are fostering a thriving environment for innovation and creativity across business sectors in the Emirate.

To build on its successes and to continue playing a pivotal role in the development of Dubai, Dubai Holding introduced a new operating model last year, under which new companies were established, including Dubai Retail and Dubai Asset Management. As a result, a seasoned young leadership team has been appointed to drive the Group’s growing portfolio. Amit Kaushal has stepped into his new role as Chief Executive Officer of Dubai Holding; and Raed Al Nuaimi will become Chief Executive Officer of Dubai Properties. In addition, Malek Al Malek will take on the position of Chief Executive Officer of TECOM Group; Arif Mubarak will become Chief Executive Officer of Dubai Asset Management and Nabil Ramadhan the Chief Executive Officer of Dubai Retail. The new leadership was chosen on the basis of their exceptional credentials and contribution to Dubai over the years, helping the Emirate strengthen its position in the UAE and beyond.

The leadership appointments are testament of the Group’s efforts to support the development of UAE's young talent, who according to His Highness Sheikh Mohammed bin Rashid Al Maktoum, are integral to the nation’s social prosperity and sustainable development.

On this occasion, His Excellency Abdulla Al Habbai, Chairman of Dubai Holding said: “

Driving innovation and development is a key priority for us at Dubai Holding, and is fundamental to how we operate across sectors. Our contribution to shaping Dubai’s future has continued over the last year, through a range of projects aiming to further the Emirate’s leadership as a hub for tourism and business.

These projects include ‘Marsa Al Arab’, a comprehensive tourist destination that aims to elevate family tourism and entertainment proposition in Dubai, and Emirates Towers Business Park, which will satisfy the increasing demand from companies and investors to enter Dubai’s attractive market. In 2017, we also launched Dubai Food Park, dedicated to serving the rapidly growing food sector in the UAE and the region. This first-of-its-kind project is set to increase Dubai’s competitiveness in the food export sector.

His Excellency added: “Looking ahead, we will focus on improving our capabilities across all our companies to help accelerate growth by focusing on core competencies, increasing transparency of performance and driving efficiencies. The new operating model is a strategic move to position the businesses for the future and will be overseen by a team of young visionaries.”

Following long years of hard work and outstanding achievements for the Group, Dr Amina Al Rustamani has decided to step down as Chief Executive Officer of TECOM Group. Commenting on Al Rustamani’s resignation, Al Habbai said: “We would like to extend our sincere thanks and appreciation to Dr Amina Al Rustamani for her outstanding contribution throughout her successful career with the Group, and we wish her every success in her future endeavours. We are confident that Malek Al Malek’s expertise to lead TECOM Group and steer it towards greater success.”

Highlights of operational achievements during 2017

Dubai Properties

Dubai Properties is one of the leading developers of integrated real estate communities in Dubai. The company holds years of experience in developing and delivering innovative residential and commercial projects across the Emirate.

Dubai Properties handed over more than 300 homes to their owners and sold approximately 2,000 new villas and apartments. In September 2017, they also successfully completed the very first floating home via the Dubai Water Canal, the Emirate’s latest landmark. The floating home is the first among many that make-up the Marasi Business Bay, a unique, mixed-used waterfront project and one of the most anticipated projects in the city – valuated at AED 1 billion.

Dubai Asset Management also recorded strong performance last year with its residential communities maintaining a 97% occupancy rate despite a challenging market environment. In addition, Dubai Asset Managements established strategic corporate partnerships with GEMS Education and Rixos Hotels for staff accommodation in Remraam; as well as Amazon, Boston Consulting Group and Facebook for high-quality commercial offices.

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