NEWS | Dubai's Jumeirah Group Continues Expansion Plans

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The head of Dubai-based luxury resort operator Jumeirah Group said the company's expansion plans are continuing despite declines in revenue and worries about its home city's financial condition.

Gerald Lawless, executive chairman of Jumeirah, shrugged off concerns that Jumeirah's parent, Dubai Holding, could become the next casualty of the Gulf emirate's debt woes. Dubai Holding, a private conglomerate, held by Dubai's ruler, Sheikh Mohammed bin Rashid al-Maktoum, operates hospitality, telecom, real-estate and investment businesses. Mr. Lawless said Dubai Holding began efforts last year to shore up its finances, for example, reorganizing its real estate assets. He didn't provide details.


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