The UAE’s real estate companies Nakheel and Meydan have been merged under the umbrella of Dubai Holding and will be part of a conglomerate under the leadership of HH Sheikh Ahmed bin Saeed Al Maktoum.
The two companies have joined to develop a highly diversified conglomerate operating in several sectors across property, tourism, hospitality, leisure and entertainment and investments, the Executive Office said.
The boards of directors of both companies will be abolished as a result of the agreement.
“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,” HH Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai announced.
“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”.
Jumeirah Group, Dubai Properties and Tecom Group among its portfolio are some of the firms currently under the Dubai Holding umbrella. Tecom Group alone owns and operates ten sector-focused business clusters, with Dubai Internet City and Dubai Media City being the flagships. In 2023, the group reported a record net profit of Dh1.1 billion
Nakheel and Meydan have launched several projects in multiple sectors including real estate, retail, hospitality, food and beverage, leisure and entertainment and healthcare. This move aims to combine a complementary suite of services and expertise to diversify the economy and maximise its competitiveness in the global marketplace.
Dubai has recently set a series of real estate market records, with both the volume and value of sales transactions hitting new highs in 2023. In September, average prices surpassed the previous peak set in September 2014, and this upward trajectory persisted through the final quarter despite a dip in off-plan transactions.
Dubai Holding has assets worth Dh130 billion ($35.4 billion) across a dozen countries.
