UAE News: Dubai Wealth Fund Takes Control of Meydan's Property and Horse-Racing - Bloomberg
Investment Corp. of Dubai is gaining a larger footprint in the emirate’s property market by asserting control over state-owned developer Meydan’s real estate projects.
“We have embarked on a review of Meydan’s business strategy,” Mohammed Al Shaibani, ICD’s chief executive officer, said in an emailed reply to questions. “Our aim is to improve efficiencies in operations.”
Meydan, which built Dubai’s horse racetrack, is now overseen by the same government committee that earlier this year took charge of Nakheel PJSC, another builder managed by the wealth fund, according to people familiar with the matter. ICD is also the biggest shareholder in Emaar Properties PJSC, Dubai’s largest developer.
Facing a property glut, Dubai has moved to combine several of its state developers that have churned out an increasingly unsustainable supply of homes, offices and shopping centers. Already a drag on property values, some projects have run into financial trouble after the coronavirus pandemic wrought havoc across Dubai’s economy.
No comments:
Post a Comment