Dubai has embarked on a broad reconfiguration of some of the emirate’s biggest and most important companies as it adjusts to the impact of the global economic crisis.

Yesterday, Dubai Holding, one of the emirate’s largest business conglomerates, said it was consolidating the back-office operations of its property companies and two of its financial arms in the latest move by the Government to adjust as the global economic crisis hits the Gulf.

Meanwhile, Nakheel, the sprawling property arm of Dubai World, has merged an array of its business units to form five entities as it adapts to market conditions and prepares for the challenges that lie ahead.

The National