Dubai Properties Group (DPG), the developer behind Business Bay, is restructuring its business into three main units.
DPG will become a holding company under the new structure, with three businesses focused on property development, leasing and facilities management.
It is the latest move by a major Dubai developer to reorganise its business to better tap an industry-wide rebound.
“We are confident that this strategy will give DPG the flexibility to take advantage of the market opportunities,” said the chairman Abdulla Al Shamsi.
As one of Dubai’s big three developers alongside Emaar and Nakheel, DPG has built thousands of homes across the emirate with projects such as Jumeirah Beach Residence, Business Bay and Remraam.
It was hit hard by the 2008 property crash but has recently started to return to large-scale development, announcing a clutch of new projects at last October’s Cityscape property exhibition in Dubai.
The newly formed DPG holding company will be led by Khalid Al Malik, the group chief executive, DPG said in a statement.
Under the new organisation, Dubai Properties will oversee the built to sell portfolio while Masat will manage the leased properties. Ejadah will continue to provide facilities management.
DPG is expected to be one of the key vehicles for delivering projects to support the 2020 Expo.
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
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“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Courtesy: Crystal Intelligence
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