The move comes following a loss of $626m at the end of June this year.
In a statement, the Dubai-based developer explained that it is looking to turn some of its amenities into private joint stock companies. These are namely ServeU, which is one of the UAE’s leading providers of Integrated Facilities Services. Dubai Autodrome which is the UAE’s first fully-integrated multipurpose motorsport and entertainment facilities and FitOut, which delivers comprehensive interior fitout services on a global scale to hotels, restaurants, retail, corporate, residential and commercial clients.
The developer has commented that ‘in order to enhance its financial position and diversify its sources of income’ it is currently looking for suitable investment opportunities including those in the health and hospitality industries.
