Dubai Holding sees strong performance in 2019 on new projects
Investment conglomerate owns Tecom, Dubai Properties and Jumeirah Group, among other assets in the emirate
Dubai Holding foresees growth over the next five years and “continued strong financial success” for the rest of 2019, driven by recurring revenue assets and the expected delivery of a pipeline of schemes over the coming months.
“As we look ahead, we will diligently deliver on our five-year business plan that sets clear goals for all our companies,” Abdulla Al Habbai, chairman of Dubai Holding, which is the investment vehicle controlled by Sheikh Mohammed bin Rashid, Vice President of the UAE, Prime Minister and Ruler of Dubai.
“For the rest of the year, our focus will continue to be on achieving strong financial success underpinned by the performance of our recurring income business, delivery of existing pipeline projects and executing prudent operational efficiency.”
Dubai Holding’s companies include hospitality firm Jumeirah Group – which owns the flagship Burj Al Arab hotel – Tecom Group, Dubai Properties, Dubai Asset Management, Arab Media Group and Dubai Retail. The investment firm is set to play an important role in the staging of Expo 2020 Dubai through its hospitality and real estate offerings, providing a further boost to the group’s performance, Mr Al Habbai said.
The diversified investment holding company operates across 12 business sectors in more than 10 countries across the world. In its operational statement for the first half of 2019 – marking its 15th year of operations – Dubai Holding said it has been “instrumental in developing Dubai’s economy”.
“Overall, we had a robust operational performance in the first half of the year,” Mr Al Habbai added. During the past six months, the group delivered several key projects, including the second and third phases of Madinat Jumeirah Living, a 3.85 million square-feet residential development overlooking the Burj Al Arab.
In addition, D-Marin Dubai, a joint venture between Dubai developer Meraas, Dubai Holding and D-Marin, one of the largest marina chains in the Eastern Mediterranean, commenced operations and now manages the Al Seef, Marasi and Jaddaf Waterfront marinas.
Another Dubai Holding company, Dubai Asset Management, expanded its footprint at Jaddaf Waterfront residential scheme with the addition of the Dubai Wharf and Manazel Al Khor communities. Average occupancy levels have reached 95 per cent, with approximately 100,000 residents, it said.
Dubai Properties released more than 500 units for sale across two projects in Dubai, including La Rosa at Villanova in Dubailand, while continuing to hand over other units.
Jumeirah Hotels and Resorts continued its expansion with the opening of two new hotels in Abu Dhabi – Jumeirah at Saadiyat Island Resort and Jumeirah Al Wathba Desert Resort & Spa – as well as the Jumeirah Guangzhou in China. The company also announced a refurbishment of its flagship London hotel, the Jumeirah Carlton Tower.
Tecom Group, the operator of 11 free zones, this year secured a Dh120 million investment from EnviroServe to build the first integrated electric and electronic waste recycling facility in Dubai Industrial City.
Updated: July 4, 2019 03:57 PM