Leading property developers Meydan and Nakheel are planning to collaborate under Dubai Holding, Sheikh Mohammed bin Rashid Al Maktoum declared on Saturday.
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.
Sheikh Ahmed bin Saeed Al Maktoum will serve as the head of this international economic organization, he continued. Both the Nakheel and Meydan Company’s boards of directors will be disbanded.
“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 founding in 2004, Dubai Holding has persisted in making constructive changes to support a knowledge-based economy driven by innovation.
Dubai Holding’s portfolio includes TECOM Group, Dubai Properties, and Jumeirah Group. Ten industry-specific business clusters are owned and run by Tecom Group alone, the flagships of which are Dubai Media City and Dubai Internet City.
Numerous projects in the real estate, retail, hospitality, food and beverage, leisure and entertainment, and healthcare sectors have been initiated by Nakheel and Meydan.
The two businesses will merge with Dubai Holding to create an even more diversified conglomerate that will operate in the real estate, tourism, hospitality, leisure, and entertainment, as well as investment sectors. With this move, they will be able to maximize their competitiveness in the global marketplace and diversify their economy by combining a complementary suite of services and expertise.
This strategic vision aims to take advantage of newly emerging opportunities and ultimately meet the long-term anticipated global demand for specialized services. It will also offer the perfect platform to handle the growing demand for these services globally.