Sheikh Mohammed announces Nakheel, Meydan merger under Dubai Holding
Top real estate developers Nakheel and Meydan are set to join forces under the umbrella of Dubai Holding, Sheikh Mohammed bin Rashid Al Maktoum announced on Saturday.
This step, he said, comes as part of efforts to “consolidate and enhance the momentum of Dubai’s economic growth”.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
“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 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 10 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.
The two companies 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.
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.
Property prices to stabilise
“The merger of Nakheel and Meydan is indeed a very exciting one, opening doors for much more integration across sectors and collaboration within the industry itself. We welcome this move as a bold step towards realising Dubai’s Economic Agenda D33,” Cherif Sleiman, chief revenue officer at Property Finder, told Khaleej Times.
“Recent numbers have already been showing several bright prospects for investments in the country. We believe this will further accelerate the availability of diverse project portfolios, especially with a growing demand for integrated community living. As a result, we expect property prices to stabilise in the mid-term,” he added.
Imran Farooq, CEO of Samana Developer, shared the same reaction that “the mega merger will give a fresh boost to Dubai’s economy and the real estate sector.”
“It will have an immediate impact on the overall real estate sector, which will boost the attractiveness of the property market for local, regional and international investors. The merger will help us perform even better, grow faster and bring more international real estate investment to Dubai,” he added.
(With inputs from Angel Tesorero)
ALSO READ:
source: khaleejtimes
