Dubai Hldg Restructures To Cope With Econ Crisis

Image by World Economic Forum via Flickr

Dubai Holding, part of the business empire of the emirate's ruler Sheikh Mohammed bin Rashid Al Maktoum, Sunday said it's further consolidating its operations to cope with a downturn in the economy.

The company, that plans to merge its troubled real estate units with Emaar Properties PJSC (EMAAR.DFM), said it will pare down its business to concentrate on property, business parks, hospitality and investments.

The restructuring is "in order to remain competitive," Dubai Holding Chief Executive Ahmad Bin Byat said in an emailed statement.