The consolidation of Dubai Inc

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A series of consolidations and debt restructurings in Dubai are bringing needed clarity to the emirate’s response to the financial crisis as it works to reorganise government-controlled companies.

Emaar, the Middle East’s largest developer, said on Friday it was in talks to acquire the property interests of Dubai Holding, bringing three companies – Sama Dubai, Tatweer and Dubai Properties – under its umbrella.

Also last week, Dubai World, the major property and ports conglomerate, said it was consolidating the management and property operations of Leisurecorp, Dubai Maritime City and the Dubai Multi Commodities Centre, all of which it owns. The property divisions of these companies will now be run by Nakheel, another property arm of Dubai World.