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The move aims to sustain and advance growth through a unified and integrated vision
His Highness Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai has announced that Nakheel and Meydan are to be merged under the umbrella of Dubai Holding. Accordingly, the boards of directors of Nakheel and Meydan will be abolished.
The two companies will join forces with Dubai Holding in an effort to sustain and advance growth through a unified and integrated vision that builds on gains, spurs efforts and boosts Dubai’s global competitiveness, the Executive Office added. The entity will be led by Sheikh Ahmed bin Saeed, as per the Executive Office.
“In a new milestone to reinforce and boost our economic growth, today we directed the inclusion of Nakheel and Meydan companies under the umbrella of Dubai Holding, forming a global economic entity with a diverse portfolio in sectors such as technology, media, hospitality, real estate, retail, and more, led by Sheikh Ahmed bin Saeed Al Maktoum. 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,” said Shiekh Mohammed.
He added, “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.”
Since its establishment in 2004, Dubai Holding has aimed at fostering an innovation-driven knowledge-based economy, the Executive Office said. Dubai Holding’s portfolio includes Jumeirah Group, Dubai Properties and Tecom Group.
Nakheel and Meydan have previously unveiled several projects in sectors including property, retail, hospitality, food and beverage, leisure and entertainment and health care. They now join Dubai Holding to develop a highly diversified conglomerate operating in several sectors across property, tourism, hospitality, leisure and entertainment, and investments, the Executive Office said.
“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,” it added.
The beginnings of Dubai Holding are said to be strongly interlinked with the emirate’s strategies in positioning itself as a global business and tourism centre. The entity has interests in areas including hospitality, property, asset management, entertainment and investments, and is the personal corporate portfolio of Sheikh Mohammed, with Sheikh Ahmed as its Chairman. |
