Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, as well as the Ruler of Dubai, has made a significant announcement regarding the merger of Nakheel and Meydan under the Dubai Holding umbrella, Gulf News reported on Saturday.
Taking to his “X” account, Sheikh Mohammed declared, “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.”
Sheikh Ahmed bin Saeed Al Maktoum will lead the newly formed entity, as stated by the Dubai Ruler.
The objective behind this merger is to create a more financially streamlined entity with assets worth hundreds of billions, enriched with global expertise across various sectors. This consolidation positions the UAE to compete effectively both regionally and globally, aligning with national objectives and advancing Dubai’s Economic Vision 2033.
Sheikh Mohammed expressed his optimism for the team embarking on this new mission, anticipating a phase marked by accelerated growth and ambitious competition.
In agreement, Sheikh Ahmed, also serving as the CEO and Chairman of the Board of Directors of Emirates Group, and Chairman of the Dubai Civil Aviation Authority, remarked, “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 further stated, “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 expressed his privilege in leading this transformative endeavor and expressed confidence in the boundless potential lying ahead for the nation.
Dubai Holding, established in 2004, has consistently pursued initiatives aimed at fostering an innovation-driven knowledge-based economy. Among its portfolio are notable entities such as Jumeirah Group, Dubai Properties, and TECOM Group, with the latter operating ten sector-focused business clusters, including Dubai Internet City and Dubai Media City.
Nakheel and Meydan, renowned for their projects in real estate, retail, hospitality, leisure, entertainment, and healthcare sectors, will now be part of Dubai Holding, further enhancing its diversified conglomerate presence across various industries. This strategic move is set to combine complementary services and expertise to maximize competitiveness in the global marketplace.
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