Nakheel and Meydan added to Dubai Holding's portfolio

Major real estate developers Nakheel and Meydan will now come under the portfolio of Dubai Holding.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE made the  announcement on Saturday.

He said that it's a major step towards consolidating and enhancing the momentum of Dubai's economic growth.

"The goal is to create a formidable economic entity with a diverse portfolio of assets, under the leadership of Sheikh Ahmed bin Saeed Al Maktoum," Sheikh Mohammed added in a post on the platform X.

"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," he said.

The Board of Directors of both Nakheel and Meydan Company will be abolished.

في محطة جديدة من محطات ترسيخ وتعزيز زخم نمونا الاقتصادي، وجهنا اليوم بضم شركتي نخيل وميدان تحت مظلة دبي القابضة لتشكل كياناً اقتصادياً عالمياً، يمتلك محفظة متنوعة في قطاعات التكنولوجيا والإعلام والضيافة والعقار والتجزئة وغيرها، وذلك بقيادة الشيخ أحمد بن سعيد آل مكتوم .

الهدف هو…

— HH Sheikh Mohammed (@HHShkMohd) March 16, 2024

The Chairman of Dubai Holding, H.H. Ahmed bin Saeed Al Maktoum welcomed Saturday's announcement in a post on X.

Under the visionary guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Dubai embarks on a new chapter of economic consolidation and growth. The inclusion of Nakheel and Meydan under Dubai Holding will lead to a greater financial efficiency and global influence. With… pic.twitter.com/2qiDbH7uzZ

— HH Sheikh Ahmed bin Saeed Al Maktoum (@HHAhmedBinSaeed) March 16, 2024

Since its establishment in 2004, Dubai Holding has continued to create positive strides aimed at fostering an innovation-driven knowledge-based economy.

Dubai Holding lists Jumeirah Group, Dubai Properties and TECOM Group among its portfolio. TECOM Group alone owns and operates ten sector-focused business clusters, with Dubai Internet City and Dubai Media City being the flagships.

Nakheel and Meydan have launched several projects in multiple sectors including real estate, retail, hospitality, food and beverage, leisure and entertainment and healthcare.

They will join Dubai Holding to further develop a highly diversified conglomerate operating in several sectors across real estate, tourism, hospitality, leisure and entertainment and investments.

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.