In a significant move aimed at bolstering economic progress, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, as well as the Ruler of Dubai, announced the merger of Nakheel and Meydan under the Dubai Holding umbrella, as reported by Gulf News on Saturday.
Through his official “X” account, Sheikh Mohammed declared the merger, stating, “In a significant step towards bolstering our economic progress, today we ordered the merger of Nakheel and Meydan under the Dubai Holding umbrella.”
The newly formed entity will be led by Sheikh Ahmed bin Saeed Al Maktoum, according to the Dubai Ruler.
The objective behind this merger is to establish a formidable global economic entity with a diverse portfolio spanning technology, media, hospitality, real estate, retail, and other sectors. The consolidation aims to create a more financially streamlined entity with assets worth hundreds of billions, enriched with global expertise across various sectors.
This strategic move positions the UAE to compete effectively both regionally and globally, aligning with national objectives and advancing Dubai’s Economic Vision 2033.
Expressing optimism for the future, Sheikh Mohammed anticipated a phase marked by accelerated growth and ambitious competition under the leadership of the newly formed entity.
In agreement, Sheikh Ahmed remarked, “Inspired by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Dubai is set to enter a new era of economic advancement.”
He further stated, “The merger of Nakheel and Meydan under the umbrella of Dubai Holding marks a significant step towards bolstering financial efficiency and fostering a more profound global influence.”
Sheikh Ahmed expressed his privilege in leading this transformative endeavor and expressed confidence in the boundless potential lying ahead for the nation.
Established in 2004, Dubai Holding has consistently pursued initiatives aimed at fostering an innovation-driven knowledge-based economy. The conglomerate’s portfolio includes notable entities such as Jumeirah Group, Dubai Properties, and TECOM Group, among others.
The inclusion of Nakheel and Meydan under Dubai Holding further enhances its diversified conglomerate presence across various industries, combining complementary services and expertise to maximize competitiveness in the global marketplace.
