The property arm of Dubai Multi Commodities Centre has been merged with Nakheel, one of the emirate’s largest property developers. The move is the latest sign of consolidation among Dubai’s property companies as they restructure their operations to cut costs.
'DMCC’s property-related operations have been integrated with Nakheel to better accommodate current market conditions and optimise resources and expertise,' said a company spokesman.
Both companies are owned by Dubai World, which is owned by the Dubai Government. A source close to the deal said Nakheel would now be involved in all projects being developed by DMCC.