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Tuesday, June 2, 2009

Dubai developer takes on additional ops

DUBAI: Dubai is giving oversight over a sprawling complex of partially built high-rises to the struggling developer of the sheikdom's palm-shaped islands, as the government works to bring its skidding property market under control.

The property developer Nakheel said yesterday in a joint emailed statement with the Dubai Multi Commodities Center that it will take control of all of DMCC's real-estate operations. Both companies are part of state-owned conglomerate Dubai World, which also controls port operator DP World and investment firm Istithmar World.

"DMCC's property-related operations have been integrated with Nakheel to better accommodate current market conditions and optimise resources and expertise," the companies said.

DMCC's property holdings consist of a 202.3-ha Dubai development known as Jumeirah Lakes Towers, as well as three skyscrapers within the project.

Several of the approximately 80 high-rise buildings in the complex are at least partially occupied, but others remain under construction. The development remains a building site clogged with cranes, cement mixers and other equipment.

Besides the complex as a whole, Nakheel will be responsible for the Almas, Au and Ag Towers, a DMCC spokeswoman said. The nearly complete Almas is Dubai's second-tallest building, rising about 1,200 ft - almost as high as the Empire State Building.

By Reuters

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