In a landmark announcement, Sheikh Mohammed bin Rashid Al Maktoum revealed the collaboration between leading property developers Meydan and Nakheel under the umbrella of Dubai Holding, aiming to amplify Dubai’s economic trajectory.

This strategic move is part of a concerted effort to “consolidate and bolster Dubai’s economic advancement,” Sheikh Mohammed emphasized.

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The overarching objective is to establish a more streamlined and financially robust entity, amalgamating assets valued at hundreds of billions. This unified entity will harness global expertise across diverse sectors, enabling it to compete effectively both regionally and globally. Sheikh Mohammed articulated this vision as integral to achieving national objectives and realizing the Dubai Economic Agenda D33.

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Sheikh Ahmed bin Saeed Al Maktoum is appointed to lead this international economic organization, Sheikh Mohammed revealed. As part of this restructuring, the boards of directors of both Nakheel and Meydan Company will be dissolved.

Expressing optimism for the future, Sheikh Mohammed extended his best wishes to the team embarking on this new mission. He expressed confidence in a forthcoming phase characterized by accelerated growth, ambitious competition, and the fulfillment of Dubai’s economic vision for its populace.

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Established in 2004, Dubai Holding has been instrumental in driving constructive transformations to foster a knowledge-based economy fueled by innovation.

Dubai Holding’s diverse portfolio encompasses prominent entities such as TECOM Group, Dubai Properties, and Jumeirah Group. Noteworthy among these is the Tecom Group, which oversees ten industry-specific business clusters, including flagship entities like Dubai Media City and Dubai Internet City.

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Nakheel and Meydan have spearheaded numerous ventures spanning real estate, retail, hospitality, F&B, leisure, entertainment, and healthcare sectors.

By merging with Dubai Holding, these entities aim to create a more diversified conglomerate operating across real estate, tourism, hospitality, leisure, entertainment, and investment sectors. This strategic alignment will bolster their competitiveness in the global arena, leveraging a complementary array of services and expertise.

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Aligned with a forward-looking vision, this strategic initiative seeks to capitalize on emerging opportunities and address the anticipated global demand for specialized services. It sets the stage for Dubai to meet evolving economic needs on a global scale, propelled by a unified and synergistic approach.