Dubai Properties to double investment to $190bn

Dubai Properties has established a holding company to oversee its different business interests and plans to double its investments to 700 billion dirhams ($190.6 billion) over the next three years as it seeks to expand globally, the company said on Saturday.

Dubai Properties Group (DPG) - made up of six business units - has sent delegation teams to India, Pakistan, Tunis, Qatar, Uzbekistan, Madagascar and the Maldives to explore investment opportunities, Chairman Hashim Al-Dabal said in a statement.

The company, with projects worth 365 billion dirhams, said it would develop and hand over approximately 5,000 commercial, residential and retail units this year.

In addition to Dubai Properties, the holding company includes property management services firm Salwan, green building company Injaz, Dubai Asset Management Company, Dubai Retail and Dubai Hospitality.

DPG is part of state-owned conglomerate Dubai Holding.