Dubai: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, on Saturday, announced the merger of Nakheel and Meydan under the Dubai Holding umbrella.
In a post on his "X" (formerly known as Twitter) account, Sheikh Mohammed said, "In a significant step towards bolstering our economic progress, today we ordered the merger of Nakheel and Meydan under the Dubai Holding umbrella. The move aims to establish a formidable global economic entity with a diverse portfolio spanning technology, media, hospitality, real estate, retail, and other sectors."
The entity will be led by Sheikh Ahmed bin Saeed Al Maktoum, said the Dubai Ruler.
The objective is to forge a more financially streamlined entity boasting assets worth hundreds of billions, enriched with global expertise across multiple sectors. This consolidation positions us to compete effectively both regionally and globally, aligning with our national objectives and propelling us towards realizing Dubai's Economic Vision 2033.
"Our best wishes to the team embarking on this new mission. With optimism, we anticipate a forthcoming phase marked by accelerated growth and ambitious competition," said Sheikh Mohammed.
Sheikh Ahmed, who is also the CEO and Chairman of the Board of Directors of Emirates Group, and Chairman of the Dubai Civil Aviation Authority, said, "Inspired by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Dubai is set to enter a new era of economic advancement."
He added, "The merger of Nakheel and Meydan under the umbrella of Dubai Holding marks a significant step towards bolstering financial efficiency and fostering a more profound global influence. With a diverse portfolio spanning multiple sectors, Dubai Holding is primed to strengthen its competitive edge both regionally and globally, aligning closely with the ambitious goals outlined in Dubai Economic Vision 2033."
Sheikh Ahmed said, "I am privileged to lead this transformative endeavor and am buoyed by the boundless potential that lies ahead for our nation."
Diversified conglomerate
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.
"Nakheel and Meydan 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 is set to combine a complementary suite of services and expertise to diversify the economy and maximise their competitiveness in the global marketplace," said state news agency WAM.
