In a significant move to boost Dubai’s economic growth, Sheikh Mohammed bin Rashid Al Maktoum has announced the merger of renowned real estate developers Nakheel and Meydan under the expansive umbrella of Dubai Holding. The decision, made public on Saturday, is part of a broader effort to consolidate and amplify the momentum of Dubai’s economic progress.
Sheikh Mohammed, who is both the Ruler of Dubai and the Vice-President and Prime Minister of the UAE, elaborated on the objectives of this merger in a social media post. He emphasized the goal to create a more financially robust entity, boasting assets worth hundreds of billions and encompassing global expertise across various sectors. The aim is to compete regionally and globally, aligning with national objectives and fulfilling the ambitious Dubai Economic Agenda D33.
This new global economic entity will be led by Sheikh Ahmed bin Saeed Al Maktoum. In line with this merger, the Boards of Directors of both Nakheel and Meydan Company will be dissolved, setting the stage for a streamlined and unified approach.
Expressing confidence in this new phase, Sheikh Mohammed said, “We are optimistic about an upcoming phase where we will multiply our growth, compete with our ambitions, and achieve our economic vision for our people.”
Since its inception in 2004, Dubai Holding has been instrumental in driving innovation and fostering a knowledge-based economy. The conglomerate boasts significant holdings, including Jumeirah Group, Dubai Properties, and TECOM Group, the latter of which manages 10 sector-focused business clusters such as Dubai Internet City and Dubai Media City.
Nakheel and Meydan, known for launching diverse projects in real estate, retail, hospitality, food and beverage, leisure and entertainment, and healthcare, will bring their expertise to Dubai Holding. Their integration is expected to create a highly diversified conglomerate operating across multiple sectors, enhancing Dubai’s competitive edge in the global market.
This strategic merger is poised to meet the growing demand for specialized services worldwide and aims to capitalize on emerging opportunities in the long term. By combining their strengths, Nakheel, Meydan, and Dubai Holding are set to elevate Dubai’s stature as a dynamic economic hub, further diversifying the economy and leveraging global market opportunities.
