It has just been reported that the financial free zone of Dubai is now considering selling off many of its assets after a year of unprecedented losses. They have stated that regional markets have continued to be volatile and DIFC was very disappointed with their overall performance for 2009.
The newly appointed governor of DIFC has stated that the coming year will be a very uncertain one commercially and it will be necessary to make many shrewd cost saving decisions. In order to streamline its operations and maximize its profit levels it will be necessary to implement many new strategies and streamline its property portfolio somewhat.
DIFC have now engaged the services of McKinsey who are a world renowned consultancy firm and it is hoped that they will devise a business strategy plan that will see DIFC returning to a well exalted position of success. The new governor of DIFC is Mr. al Tayer has been seeking change within the company since his appointment last November.
DIFC has lost well over $430 million on the values of its property since the real estate crises began and this is largely due to the previous high valuations they had on their properties were due to the unusual method DIFC had for doing their property valuations, which has now been adjusted and this method accounts for some of the current loss shown in the latest DIFC accounts.Paul Holdsworth, Staff Writer, Gulf Jobs Market News