Dubai’s two largest state-backed developers, Nakheel and Meydan, will form a new global economic powerhouse under Dubai Holding Group.
Sheikh Ahmed bin Saeed Al Maktoum has ordered the merge of Nakheel and Meydan and the dissolution of their respective boards of directors.
“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, led by Sheikh Ahmed bin Saeed Al Maktoum” stated Sheikh Mohammed bin Rashid Al Maktoum.
Dubai Holding, founded in 2004, has promoted an innovation-driven knowledge-based economy. It owns TECOM Group, Dubai Properties, and Jumeirah Group. In Dubai, TECOM Group owns and operates 10 industry-specific business clusters, including Dubai Internet City and Dubai Media City.
“We want to create a more efficient financial organization with hundreds of billions in assets and worldwide experience across industries. This institution will help us compete locally and globally, fulfill national goals, and realize Dubai Economic Agenda D33 “His highness said
“Best wishes to the crew on this new endeavor… We’re excited to increase our growth, compete with our aspirations, and fulfill our economic vision for our people.” He added.
Healthcare, retail, food and beverage, hotels, and real estate are just a few of the many businesses that have benefited from the multiple initiatives introduced by Nakheel and Meydan’s cooperation.
With the addition of Nakheel and Meydan, Dubai Holding Group will become an even more diverse conglomerate with interests in real estate, travel, hospitality, entertainment, and investments, among other areas. With this change, they want to boost their worldwide competitiveness and diversify their economy by combining complementary services and knowledge.
This long-term plan aims to take advantage of new possibilities, meet the anticipated worldwide demand, and meet the need for specialist services throughout the world.
Dubai Holding
Amit Kaushal was appointed as the Group Chief Executive Officer of Dubai Holding in February 2018. The Group represents brands such as Zara, Zara Home, Secret, Flamant (company), Promod, Harrys of London, Sfera & Delvaux (company).
