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AlGergawi will focus on government duties.

AlGergawi quits as chairman of Dubai Holding

DUBAI, February 26, 2017

Global investment conglomerate Dubai Holding’s chairman Mohammad Abdulla AlGergawi has resigned from his post and said he will dedicate his full time and effort to his duties in the government.

AlGergawi is the UAE Minister of Cabinet Affairs and The Future, and the chairman of the Executive Office of the Government of Dubai. He leads the development of the UAE Federal Government Strategy and oversees its overall delivery and performance.

The announcement came following the conglomerate's declaration of 2016 financial results of Dubai Holding's business group, Dubai Holding Commercial Operations Group. The unit's net profit increased to Dh6.32 billion ($1.72 billion), up 8 per cent from Dh5.83 billion, while total revenues increased by 16 per cent to Dh16.84 billion ($4.59 billion) compared to Dh14.53 billion last year.

AlGergawi said after obtaining the blessing of His Highness Sheikh Mohammed Bin Rashid Al Maktoum and after having put Dubai Holding on a rapidly growth path, his mission as chairman of Dubai Holding had come to an end, paving the way for another talented person to take over.

Sheikh Mohammed commented that the performance of Dubai Holding was exceptional since its inception 18 years back, where it had added creative, innovation-based new sectors to our economy by establishing specialised parks in media, content, technology, knowledge, design research and sciences in addition to a world-class name in the hospitality sector.

Sheikh Mohammed said: “We thank Mohammad AlGergawi for his excellence in the all the responsibilities he was overlooking, his performance in Dubai Holding was exceptional and we appreciate his service to his country in the different fields”.

He added: “Dubai Holding added real value to our national economy, and Mohammed Al Gergawi is a role model for responsible, successful and sincere officials”.

AlGergawi said: “We started at Dubai Holding 18 years ago in rented offices with used furniture and with a small loan. Today, the group businesses and projects operate in 21 countries, with 22,000 employees working in various sectors.”

He added: “When we first started, we were faced with a challenging situation, as we only had one remote piece of land in Dubai and only Dh200 million loan. Today the group’s assets exceed Dh100 billion across different sectors.”

In a letter addressed to his team in Dubai Holding, AlGergawi said: “Thanks to your efforts and dedication, Dubai Holding played an immense role in changing the face of life to translate Sheikh Mohammed’s vision. Dubai evolved from a city that had one television station to an international media centre, attracting more than 2,000 media organisations and 33,000 experts in the field of media, working and living in Dubai Media City and transforming Dubai to the capital of content creation in the region.

Key operational highlights for 2016

ICT: Dubai Internet City and Dubai Outsource City welcomed 175 new companies in 2016, including VISA, Samsung Electronics MENA, Huawei and Accenture, amongst others. This is a result of the enabling dynamic environment of Tecom Group’s two business communities, which foster innovation and are complemented by world-class facilities, services and fully integrated infrastructure.

Media: Dubai Media City, Dubai Studio City and Dubai Production City welcomed 165 new companies collectively. Most notably, YouTube chose Dubai Studio City as home to the first YouTube Space in the Mena region. Moreover, Dubai Production City completed two key developments, Publishing Pavilion and Makateb, customised offerings to suit the requirements of media and publishing sector.

Education: Dubai Knowledge Park and Dubai International Academic City together welcomed 40 new business partners in 2016. Both entities comprise of 580 partners, forming the largest higher education hub in the region, enrolling 25,000 students from 149 Nationalities. The academic institutions offer a total of 427 higher education programmes and more than 500 certificate and diploma courses, with 24 new programmes introduced in 2016.

Design: Dubai Design District (d3) welcomed 150 new companies, reaching a total of 415 registered businesses in the district, which comprises 114 local companies; 291 multinational companies; and 82 Emirati entrepreneurs. The total area of commercial office space in the ‘Design Quarter’ had reached an occupancy rate of 84% since its inauguration in 2016. Moreover, d3 is the home of three world-renowned architectural firms, Benoy, Foster and Partners, and Zaha Hadid.

Industrial: Dubai Wholesale City, the largest global wholesale hub, is set to span over 550 million sq ft with an expected development cost of Dh30 billion. Dubai Wholesale City comprises markets, warehousing, shipping centres, customs services, insurance companies and smart storage solutions, as well as banking services, and residential and hospitality units.

Dubai Wholesale City signed a Strategic Partnership Agreement with China Commodity City Group, the world's largest exporter of goods, in China’s Zhejiang Province. The agreement will facilitate mutual trade and investment activities and the exchange of expertise, with a focus on developing wholesale trade destinations and wholesale e-commerce.

Dubai Industrial Park offers 70 state-of-the-art pre-built storage and light industrial unit warehouses to meet the dynamic needs of the region’s thriving manufacturing and logistics sector. Most recently, Leminar Industries inaugurated the largest ductwork manufacturing facility in the Middle East at Dubai Industrial City. Unilever also installed the region’s largest manufacturing plant, where the company will add a ’Made in the UAE‘ label on all locally produced items and will export 80 per cent of it to global markets, including Europe and the Mena region.

Innovation: As part of its commitment to supporting innovation and the creation of a sustainable future, Dubai Holding participated as a founding entity in Dubai Future Accelerators, the programme by Dubai Future Foundation that focuses exclusively on the identification and deployment of futuristic prototypes and products on a city-wide scale.

Real Estate
Dubai Properties Group (DPG), is one of the largest fully integrated real estate and community development businesses with a solid track record of developing and managing innovative residential and commercial real estate projects across Dubai.

Last year, the company announced the launch of Marasi Business Bay with a total investment cost exceeding Dh1 billion. The development will feature the region’s first-ever water homes and the longest promenade, and is set to become a major future coastal landmark in Dubai. The company also developed 9 km of Dubai Water Canal’s first phase, stretching from the Ras Al Khor all the way through Business Bay to Sheikh Zayed Road with an investment of Dh1 billion. This water passage adds to the city’s vibrancy and further strengthens tourism and socio-economic development of the Emirate.

DPG also launched five new exceptional projects, and handed over 3,000 new units, strengthening its longstanding commitment to introducing strategic developments in response to the diverse market needs of Dubai.   

DPG also achieved high occupancy rates of 90 per cent across commercial and residential leasing portfolio. The company’s facilities management business has seen 8% growth backed by its expansion in Abu Dhabi.

Jumeirah Central, one of Dubai Holding’s most recent innovations, was announced in 2016 by Sheikh Mohammed. Located on Sheikh Zayed Road, Jumeirah Central is an Dh73 billion urban mixed-use city district envisaged to become the most accessible, functional and valuable real estate in Dubai. Jumeirah Central will comprise 278 buildings and a combined 47 million sq. ft. of Gross Floor Area. It will introduce many innovative urban planning and quality of life concepts that are a first in the region.

Hospitality
Jumeirah Group: Recognised as one of the leading hospitality chains in the world, Jumeirah Group owns and manages 21 hotels and resorts in nine different destinations across eight countries.

In 2016, Jumeirah Al Naseem was launched as the fourth addition to the Madinat Jumeirah resort in Dubai. A unique hospitality offering, the beachfront hotel comprises 430 luxury rooms, 43 suites, 10 restaurants and a range of guest amenities.

As part of its commitment to furthering Dubai’s tourism sector, Dubai Holding launched the Burj Al Arab Terrace, a first-of-its kind marine development globally stretching over 10,000 sq. m., and home to one-of-a-kind restaurant, two pools, cabanas with butler service, and a beach area.

Jumeirah Group continues its global expansion, as it signed management contracts for luxury hotels in Turkey and China. In 2016, the Emirates Academy of Hospitality Management celebrated its 15-year anniversary.

In recognition of its outstanding performance, Jumeirah Group received international recognition with 38 international industry awards, including Condé Nast, Annual World Travel Awards, Luxury Lifestyle Awards and Business Traveller.

Science: Dubai Science Park, the first free zone in the Middle East dedicated to meet the needs of the scientific sector, welcomed 80 new companies. Dubai Science Park is devoted to the innovation-focused businesses and supports a diverse platform of small to medium enterprises (SMEs). Among the most significant new member companies are AIIAL and Mettler Toledo.

Entertainment: Global Village, a distinctive family entertainment destination, welcomed nearly 5.9 million visitors in 2016, setting a new track record. Global Village showcases global culture through 30 pavilions from countries across the world and over 12,000 cultural and entertainment shows to date.

Furthermore, Jumeirah Beach Residence (JBR), the first beach destination in Dubai by DPG, attracted more than 12 million visitors.
 




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