Dubai, March 16, 2024: Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has announced the merger of Nakheel and Meydan under the Dubai Holding umbrella.
This move towards forming an effective global economic entity led by Sheikh Ahmed bin Saeed Al Maktoum is marked by the strategic consolidation that Sheikh Mohammed announced on Saturday.
The merger aims to establish a financially robust entity with hundreds of billions of dollars’ worth of assets across a wide range of industries, including Media, Technology, Real Estate, Hotels, and Retail. Sheikh Mohammed is optimistic about the change and anticipates rapid expansion and tough competition in the next phase.
Nakheel and Meydan, both renowned real estate companies, will join forces with Dubai Holding to further diversify the group’s portfolio, operating in sectors such as property, tourism, hospitality, leisure, entertainment, and investments. The consolidation is expected to combine a complementary suite of services and expertise, maximising competitiveness in the global marketplace.
“We directed the inclusion of Nakheel and Meydan companies under the umbrella of Dubai Holding, forming a global economic entity with a diverse portfolio,” said Sheikh Mohammed.
He emphasised the goal of creating a more financially efficient entity equipped with global expertise to compete regionally and globally, aligning with national objectives and Dubai’s Economic Vision 2033.
Dubai Holding, founded in 2004 by the Dubai government, stands as a key driver of the Emirate’s economic development. Spanning Real Estate, Hospitality, Tourism, Finance, Healthcare, and Technology, its diversified portfolio includes iconic subsidiaries like Jumeirah Group, Dubai Properties, and TECOM Group.
Nakheel and Meydan, renowned for their landmark projects in sectors ranging from real estate to hospitality, will contribute significantly to Dubai Holding’s diversified conglomerate. This strategic vision aims to address the growing global demand for specialised services while leveraging emerging opportunities for long-term growth.
The origins of Dubai Holding are strongly linked to the emirate’s strategies for positioning itself as a global business and tourism hub. Over the years, Dubai Holding has spearheaded numerous iconic projects, including Madinat Jumeirah, Dubai Studio City, and Dubai Internet City, vital to the emirate’s economic development.
Dubai Holding is expanding, with assets in more than a dozen countries reaching over Dh130 billion. A significant turning point in Dubai’s economic history has been reached with the merger of Nakheel and Meydan. The integrated company is positioned to promote long-term development and enhance Dubai’s international standing under the leadership of Sheikh Ahmed bin Saeed Al Maktoum. By making this strategic decision, Dubai Holding has demonstrated its dedication to excellence and innovation to promote economic growth.
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