Dubai Holding senior executive resigns
The head of one of Dubai’s largest real estate companies, Saeed Al Muntafiq, has resigned, a person familiar with the matter told Zawya Dow Jones Monday.
Al Muntafiq will continue until the end of the month as chairman of Tatweer, a unit of Dubai Holding Commercial Operations Group, the person who asked not to be identified said. Al Muntafiq was unreachable for comment as was a spokesperson for Dubai Holding and Tatweer.
A major management reshuffle is underway at the property units of Dubai Holding as the government reorganizes the company amid a sharp downturn in the emirate’s real estate industry.
Al Muntafiq’s resignation comes as a proposed merger of Tatweer along with other Dubai Holding units and Emaar Properties PJSC collapsed.
Emaar, which is building the world’s tallest tower in Dubai, announced in June its plan to merge with Dubai Holding’s real-estate units–Dubai Properties LLC, Sama Dubai LLC and Tatweer LLC–to help absorb the impact of the collapse of the emirate’s real-estate market where prices have tumbled up to 50%.
