Dubai Unites Nakheel and Meydan under Dubai Holding for Economic Growth

UAE, 18 March, 2024 :  Dubai's Vice President and Ruler, Sheikh Mohammed bin Rashid, announced the merger of real estate giants Nakheel and Meydan under Dubai Holding. Sheikh Ahmed bin Saeed will lead the integrated entity, with the boards of directors of Nakheel and Meydan being abolished.

This consolidation aims to enhance Dubai's global competitiveness by leveraging a unified vision across various sectors including technology, media, hospitality, real estate, and retail. Sheikh Mohammed emphasized the goal of creating a financially efficient entity with assets worth billions, aligned with Dubai's economic agenda.

Established in 2004, Dubai Holding has focused on fostering an innovation-driven knowledge-based economy. Its portfolio includes renowned entities like Jumeirah Group, Dubai Properties, and Tecom Group, which operates key business clusters such as Dubai Internet City and Dubai Media City.

Nakheel and Meydan, known for their diverse projects in property, retail, hospitality, and entertainment, will join Dubai Holding to form a diversified conglomerate operating across multiple sectors. This strategic move aims to maximize competitiveness and address global demands for specialized services.

The merger reflects Dubai Holding's pivotal role in positioning the emirate as a global business and tourism hub. Under Sheikh Ahmed's leadership, the conglomerate continues to drive growth across various sectors, with a focus on innovation and sustainable development.

Source : www.thenationalnews.com