Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Nakheel and Meydan will join forces with Dubai Holding.
The two companies will become part of Dubai Holding under the leadership of Sheikh Ahmed bin Saeed Al Maktoum. The board of directors of both Nakheel and Meydan will be abolished.
“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. This forms 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,” Sheikh Mohammed said.
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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,” Sheikh Mohammed added.
A bustling portfolio
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 owns and operates 10 sector-focused business clusters, including Dubai Internet City and Dubai Media City.
Nakheel and Meydan have launched projects in sectors including real estate, retail, hospitality, food and beverage, leisure and entertainment and healthcare. They 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 will combine a complementary suite of services and expertise to diversify the economy and maximise their competitiveness in the global marketplace.
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