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 Nakheel and Meydan to Merge with Dubai Holding

Image courtesy: Dubai Holding

Nakheel and Meydan to Merge with Dubai Holding

Nakheel and Meydan – Dubai’s two real estate giants – will be merged with Dubai Holding in an effort to sustain and advance growth through a unified and integrated vision that builds on gains, spurs efforts and boosts Dubai’s global competitiveness.

The merger decision was taken as per the directives of H H Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and the Board of Directors of both companies will be abolished, according to a statement from Dubai Media Office.

H H Sheikh Mohammed said that in a new milestone to reinforce and boost Dubai’s economic growth, it was decided to bring Nakheel and Meydan under the umbrella of Dubai Holding, forming a global economic entity with a diverse portfolio in sectors such as technology, media, hospitality, real estate, retail, and more, led by Emirates Group Chairman and CEO Sheikh Ahmed bin Saeed Al Maktoum.

According to him, 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 the Emirate can compete regionally and globally, achieving the national objectives, and realising the Dubai Economic Agenda D33.”

Positive Strides

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 alone owns and operates ten sector-focused business clusters, with Dubai Internet City and Dubai Media City being the flagships.

Nakheel and Meydan have launched several projects in multiple sectors including real estate, retail, hospitality, food and beverage, leisure and entertainment and healthcare.

This strategic vision will provide an ideal platform to address the growing demand for specialised services globally and seeks to leverage new opportunities that are emerging and serve the global demand expected in the long term.

Dubai government took over Nakheel, the developer of the Emirate’s palm tree-shaped islands representing the five continents, in 2011 from its parent company, Dubai World, as part of a debt restructuring process following the 2009 real estate crash.

Meydan was launched in 2010 with its famous racecourse, which hosts the horse race Dubai World Cup, and has since expanded to include residential areas, a free zone, a mall, and a hotel.

Global Business Magazine

Global Business Magazine

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