Under the radar, Dubai has launched a wide-ranging restructuring of its top government-affiliated companies as the emirate struggles to put its house in order to confront the global crisis.
The restructuring is aimed at reducing costs and consolidating the sprawling empires that have been instrumental in fuelling Dubai’s debt-driven growth, at a time when all the city-state’s revenue sources, including trade, tourism and finance, have been hit.
Dubai’s assets have been grouped in three silos – Dubai World, the Investment Corporation of Dubai and Dubai Holding. The latter is owned by Sheikh Mohammed bin Rashid Al Maktoum, the ruler.
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