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Real estate giants Nakheel and Meydan have merged with Dubai Holding, as declared by His Highness Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, today.
H.H Sheikh Ahmed bin Saeed will oversee Nakheel and Meydan's integration into Dubai Holding, according to the Executive Office.
Both Nakheel and Meydan's boards of directors will be dissolved as they amalgamate with Dubai Holding. This integration aims to sustain and propel growth through a unified vision, leveraging Dubai's global competitiveness, the Executive Office noted.
His Highness Sheikh Mohammed stated: "In a significant stride towards reinforcing our economic growth, we have directed the incorporation of Nakheel and Meydan into Dubai Holding." His Highness highlighted the formation of a global economic entity, led by Sheikh Ahmed bin Saeed Al Maktoum, diversifying across sectors like technology, media, hospitality, real estate and retail.
The objective is to establish a financially efficient entity with assets worth hundreds of billions, equipped with global expertise to compete regionally and globally, aligning with national objectives and the Dubai Economic Agenda D33, Sheikh Mohammed added.
Dubai Holding, established in 2004, has been dedicated to nurturing an innovation-driven, knowledge-based economy, managing a portfolio including Jumeirah Group, Dubai Properties and Tecom Group. The latter operates 10 business clusters, with Dubai Internet City and Dubai Media City as its flagships.
Nakheel and Meydan have introduced various projects across sectors such as property, retail, hospitality, leisure, and healthcare. Joining Dubai Holding will further diversify the conglomerate's operations across property, tourism, hospitality, leisure, entertainment and investments.
The strategic amalgamation aims to leverage synergies, diversify the economy and enhance competitiveness in the global market, the Executive Office said. It aims to address the growing demand for specialized services globally and capitalise on emerging opportunities for long-term global demand.
Dubai Holding's inception aligns closely with the emirate's ambition to become a global business and tourism hub. The company has spearheaded key projects in the emirate, including Madinat Jumeirah, Dubai Studio City, Dubai International Academic City and vital entities like Dubai Media City and Dubai Internet City. Its subsidiary, Tecom Group, manages business districts and oversees developments like Dubai Design District and Dubai Industrial City, while still retaining Dubai Holding's stake.
Investments and joint ventures under Dubai Holding encompass Dubai Hills Estate, du, Rove Hotels, and Dubai Waste Management Centre, alongside projects like City Walk, La Mer, and Bluewaters Island.
The conglomerate's entertainment division includes renowned developments such as Global Village, Ain Dubai, Dubai Parks and Resorts, Roxy Cinemas and Wild Wadi, along with radio stations like Dubai 92, Dubai Eye, and Virgin Radio.
Presently, Dubai Holding boasts assets worth Dh130 billion ($35.4 billion) spanning over a dozen countries.
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