Published On: March 15, 2024Categories: Business, Real Estate1.6 min read314 wordsViews: 16

The deal is set to combine a complementary suite of services and expertise to diversify Dubai’s economy and maximise its competitiveness

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai has consolidated the emirate’s major real estate developers under Dubai Holding to “sustain and advance growth” in the city’s property market.

Nakheel and Meydan are set to become part of Dubai Holding under the leadership of Sheikh Ahmed bin Saeed Al Maktoum. The boards of the two property firms will be abolished.

“In a new milestone to reinforce and boost our economic growth, today we directed the inclusion of Nakheel and Meydan companies 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,” Sheikh Mohammed said

“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 we can compete regionally and globally, achieving our national objectives, and realising the Dubai Economic Agenda D33.”

Nakheel and Meydan are joining Dubai Holding to further develop a highly diversified conglomerate operating in several sectors across real estate, hospitality, entertainment and investments.

The transaction is set to combine a complementary suite of services and expertise to diversify Dubai’s economy and maximise its competitiveness in the global marketplace.

Founded in 2004, Dubai Holding has grown exponentially, creating positive strides to foster an innovation-driven knowledge-based economy.

The holding firm counts Jumeirah Group, Dubai Properties and TECOM Group among its portfolio companies.

The company sold its 50 per cent interest in the Dubai Creek Harbour project to Emaar Properties in a deal valued at $2.04bn (Dhs7.5bn) in 2022.

It also sold a 12.5 per cent stake in TECOM through an initial public offering on the local bourse in 2022.

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