Nakheel, Meydan merge under umbrella of Dubai Holding

Real estate companies Nakheel and Meydan have been merged under the umbrella of Dubai Holding, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, announced on Saturday.

Nakheel and Meydan are set to become part of Dubai Holding under the leadership of Sheikh Ahmed bin Saeed, the Executive Office said.

The boards of directors of Nakheel and Meydan will be abolished.

"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," the Dubai Ruler and Vice-President and Prime Minister of the UAE said in a post on X.

This global economic entity will be run under the leadership of Sheikh Ahmed bin Saeed Al Maktoum, he added. The Board of Directors of both Nakheel and Meydan Company will be abolished.

“Wishing all the best to the team on this new mission... 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," Sheikh Mohammed said.

Since its establishment in 2004, Dubai Holding has aimed at fostering an innovation-driven knowledge-based economy, the Executive Office said.

Dubai Holding's portfolio includes Jumeirah Group, Dubai Properties and Tecom Group.

Tecom Group owns and operates 10 sector-focused business clusters, with Dubai Internet City and Dubai Media City as its flagships.

Meanwhile, Nakheel and Meydan have unveiled several projects in sectors including property, retail, hospitality, food and beverage, leisure and entertainment and health care.

Nakheel and Meydan will join Dubai Holding to develop a highly diversified conglomerate operating in several sectors across property, tourism, hospitality, leisure and entertainment, and investments, the Executive Office said.

“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,” it added.

“This strategic vision will provide an ideal platform to address the growing demand for specialised services globally and seeks to leverage new opportunities that are emerging and serve the global demand expected in the long term.”