Sheikh Mohammed announces Nakheel, Meydan merger under Dubai Holding

'The goal is to create a more financially efficient entity that owns hundreds of billions in assets,' he said

Published: Sat 16 Mar 2024, 12:01 PM

Updated: Sun 17 Mar 2024, 2:54 PM

By
Web Desk

Top real estate developers Nakheel and Meydan are set to join forces under the umbrella of Dubai Holding, Sheikh Mohammed bin Rashid Al Maktoum announced on Saturday.

This step, he said, comes as part of efforts to "consolidate and enhance the momentum of Dubai's economic growth".

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"The goal is to create a more financially efficient entity, owning assets worth hundreds of billions, and comprising global expertise across various sectors with which we can compete regionally and globally, achieving our national objectives, and realising the Dubai Economic Agenda D33," the Dubai Ruler and Vice-President and Prime Minister of the UAE said in a post on X.

This global economic entity will be run under the leadership of Sheikh Ahmed bin Saeed Al Maktoum, he added. The Board of Directors of both Nakheel and Meydan Company will be abolished.

“Wishing all the best to the team on this new mission... We are optimistic about an upcoming phase where we will multiply our growth, compete with our ambitions, and achieve our economic vision for our people," Sheikh Mohammed said.

Since its establishment in 2004, Dubai Holding has continued to create positive strides aimed at fostering an innovation-driven knowledge-based economy.

Dubai Holding lists Jumeirah Group, Dubai Properties and TECOM Group among its portfolio. Tecom Group alone owns and operates 10 sector-focused business clusters, with Dubai Internet City and Dubai Media City being the flagships.

Nakheel and Meydan have launched several projects in multiple sectors including real estate, retail, hospitality, food and beverage, leisure and entertainment and healthcare.

The two companies will join Dubai Holding to further develop a highly diversified conglomerate operating in several sectors across real estate, tourism, hospitality, leisure and entertainment and investments. This move is set to combine a complementary suite of services and expertise to diversify the economy and maximise their competitiveness in the global marketplace.

This strategic vision will provide an ideal platform to address the growing demand for specialised services globally and seeks to leverage new opportunities that are emerging and serve the global demand expected in the long term.

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