The real estate development and property management activities of Dubai Maritime City, Leisurecorp, and Dubai Multi-Commodities Centre will be managed by Nakheel going forward.

The changes have no impact on the day-to-day core business of the companies.

Integration planning is currently underway with the assistance of consultants Alix Partners, and that process will be completed over the summer.

Dubai World underlined it is a key player in the real estate business in Dubai and across the world, and its developments and brands have invigorated the industry, re-defining what is possible through its companies' imagination, efforts, and dedication.

It said it is extremely proud of what it has achieved and that it intends to continue to be a leader in the real estate business. It added that these decisions will help it better meet the needs of customers and position it for future success.