The restructuring will consolidate disparate state-owned companies to reduce costs a at time when the emirate’s revenues from trade, tourism and finance have fallen. In April, Dubai asked the UAE for a $10bn loan.

It is hoped that the overhaul of Dubai Holding, the government-owned developer under which the offshore developer Nakheel and investment company Istithmar operate, will enable the emirate to cope with the slowdown in growth.

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