Sheikh Mohammed bin Rashid Al Maktoum announced on Saturday that Meydan and Nakheel, two of the top real estate developers, would work together under Dubai Holding.
This step, he said, comes as part of efforts to “consolidate and enhance the momentum of Dubai’s economic growth”.
“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.
He added that the leader of this global economic association will be Sheikh Ahmed bin Saeed Al Maktoum. The boards of directors of the Nakheel and Meydan Companies will be dissolved.
“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.
Dubai Holding has persevered in implementing positive changes to promote an innovative, knowledge-based economy since its founding in 2004.
TECOM Group, Dubai Properties, and Jumeirah Group are among the companies in Dubai Holding’s portfolio. Tecom Group alone owns and operates ten industry-specific business clusters, the flagships of which are Dubai Media City and Dubai Internet City.
Nakheel and Meydan have started a number of projects in the real estate, retail, hospitality, food and beverage, leisure and entertainment, and healthcare sectors.
Together with Dubai Holding, the two companies will merge to form an even more diversified conglomerate with operations in investment, real estate, tourism, hospitality, leisure, and entertainment. By merging a complementary range of services and knowledge, they will be able to increase their competitiveness in the global market and diversify their economy.
In the end, this strategic vision seeks to satisfy the long-term projected global demand for specialized services by seizing recently emerging opportunities. Additionally, it will provide the ideal platform to manage the rising demand for these services on a global scale.
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