Friday, Oct 16, 2009
Gulf News
Dubai Dubai World, the UAE's largest holding company remains fully committed to its projects, which will be realised in view of the market situation, a top official said.
"Dubai World remains fully committed to its obligations and projects," Jamal Majid Bin Thaniah, chief executive of Dubai World, told Gulf News while announcing the restructuring of the company.
Dubai World has completed its restructuring which resulted in reducing the headcount by a quarter in the UAE to 25,000 and 15 per cent globally to 70,000. It has a 45,000 international workforce under DP World and Drydocks World.
Retailcorp World is the newly created retail management arm of Dubai World formed from a division of Nakheel.
It will manage all of the UAE-based retail activities within the group, including shopping malls, food and beverage outlets and distribution, hyper markets, and retail and food and beverage outlets in South Africa formerly managed by the Nakheel Retail division.
"Dubai World has a history of achievements — building up of New Dubai to the development of iconic projects such as the Palm islands," he said.
"We have fulfilled Dubai's vision all along. It's a dyn-amic organisation capable of coping with the current economic situation."
Port operations
Dubai World's port operations subsidiary DP World has extended Dubai's flag to six continents. It has port operations in almost all major regions and economies.
"The restructuring will help us to face a new world order. The world has changed since October 2008 and the restructuring will help us to move ahead with the business plan in line with the current market situation," he said.
"With the current restructuring, we are confident of overcoming the challenges."
He said Dubai World will not sell assets.
"However, our subsidiaries such as Istithmar World might sell assets for the right price and at the right time," Bin Thaniah said. But we will not sell assets without the right price. There won't be any distress sale."
Bin Thaniah said the projects deliveries will be in line with the market realities and with the market demand. "We have re-examined our projects. We will do whatever the market needs and as per market demand," he said.
Istithmar World is the investment arm of Dubai World. Istithmar World divisions Istithmar World Ventures and Istithmar World Capital have been merged and Istithmar World's activities are now focused principally on the ongoing management of assets already acquired by Istithmar World, with the aim of maximizing the value of those existing investments.
By Saifur Rahman, Business Editor
Gulf News 2009. All rights reserved.
