Source : The Business Times, June 2, 2009
(DUBAI) Dubai is merging control over a sprawling complex of partially built high-rises into the struggling developer behind the city-state's palm-shaped islands.
The move comes as the government tries to get its skidding property market under control.
The property developer Nakheel and a related state-run company known as the Dubai Multi Commodities Centre (DMCC) said in a joint emailed statement yesterday the move was meant to 'better accommodate current market conditions and optimise resources and expertise'.
Deeply indebted Nakheel will take control of all of DMCC's property operations.
Those consist of a 500-acre development of dozens of high-rises known as Jumeirah Lakes Towers, as well as three skyscrapers within the project. -- AP
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