UPDATE: Dubai Brings Govt Media Outlets Under One Umbrella |
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Sunday, Oct 11, 2009
(Updates with more detail)
DUBAI (Zawya Dow Jones)--Dubai's ruler ordered Sunday that all government controlled media outlets, including radio stations, newspapers and television, be brought under the umbrella of one holding company.
Assets previously held under Dubai Holding's unit Arab Media GroupArab Media Group
, including the newspapers Emirates Business 24/7 and Arabic daily Emarat Al Youm, will now fall under the ownership of Dubai Media IncorporatedDubai Media Incorporated, according to a directive from the emirate's ruler Sheik Mohammed bin Rashid Maktoum.
The emailed statement specifies that "printing and publishing, Dubai Radio and television, with all their assets, rights, contracts and liabilities will transfer from Arab Media GroupArab Media Group to Dubai Media Inc.Dubai Media Inc."
Dubai government-owned companies are under pressure to restructure as the emirate struggles to revive an economy that's been hit hard by the global financial crisis.
Abdullatif Al Sayegh, chief executive of Arab Media GroupArab Media Group, didn't answer phone calls.
Dubai Holding said in August it would pare down its businesses to concentrate on property, business parks, hospitality and investments. In June, Emaar Properties (EMAAR.DFM) said it will merge with Dubai Holding's real estate units - Dubai Properties LLC, Sama Dubai LLC and Tatweer LLC - to help absorb the impact of the collapse of the sheikdom's real estate market.
Sheik Mohammed created Dubai Holding in 2004 by consolidating a number of companies that he used to spearhead some of his most ambitious infrastructure and investment projects.
-By Mirna Sleiman, Dow Jones Newswires, +9714-364-4960; mirna.sleiman@dowjones.com
(END) Dow Jones Newswires
11-10-09 1642GMT
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