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Nakheel and Meydan will become part of Dubai Holding leadership under Sheikh Ahmed bin Saeed Al Maktoum
Dubai Holding will acquire property developers Nakheel and Meydan Company under directives from Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
The decision aims to sustain and advance growth through a unified and integrated vision according to state news agency WAM.
Nakheel and Meydan will become part of Dubai Holding leadership under Sheikh Ahmed bin Saeed Al Maktoum.
“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,” Sheikh Mohammed said.
He added: “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.”
The boards of Nakheel and Meydan Company will be dissolved as they join Dubai Holding.
Since 2004, Dubai Holding has fostered knowledge-based economic growth through sectors such as technology, media, hospitality and real estate. TECOM Group, part of Dubai Holding, operates sectors including Dubai Internet City and Dubai Media City.
Nakheel and Meydan have projects spanning real estate, retail, hospitality, leisure and entertainment.
They will now combine with Dubai Holding to diversify further across these sectors through specialised services and new opportunities.
Sheikh Mohammed said the strategic vision will allow Dubai to better address growing global demand and maximise competitiveness in the future marketplace.
Source: Arabian Business
