Sheikh Mohammed envisions a stronger, globally competitive entity to drive diversification and innovation.
In a strategic move aimed at bolstering Dubai’s economic landscape, Nakheel and Meydan are poised to integrate into Dubai Holding, as announced by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. This significant consolidation reflects a concerted effort to sustain and propel growth within the city’s thriving property market.
Under the stewardship of Sheikh Ahmed bin Saeed Al Maktoum, Nakheel and Meydan will seamlessly transition into Dubai Holding, marking a pivotal moment in the emirate’s real estate sector. The amalgamation signals the dissolution of the boards of the two prominent property entities, symbolizing a unified approach towards enhancing Dubai’s economic vitality.
Sheikh Mohammed underscored the strategic significance of this merger, emphasizing its role in forging a formidable global economic entity. By harnessing the collective strengths and diverse expertise of Nakheel, Meydan, and Dubai Holding, the aim is to cultivate a dynamic portfolio spanning technology, media, hospitality, real estate, retail, and more. This transformative initiative aligns with Dubai’s overarching vision to foster financial efficiency and capitalize on assets valued in the hundreds of billions.
Comments by Mr. Imran Farooq, CEO, of Samana Developers
The mega merger by His Highness Sheikh Mohammed is part of the Dubai Economic Vision 2033 which aims to consolidate Dubai’s position in the Ease of Doing Business Index to compete with world markets. It will give a fresh boost to Dubai’s economy and the real estate sector. The UAE ranks 16th in the World Bank’s Ease of Doing Business and stands first in business efficiency.
Imran Farooq, CEO, of Samana Developers
The inclusion of Dubai’s top developers, Nakheel and Meydan, under the Dubai government-owned Dubai Holding will have an immediate impact on the overall Dubai real estate sector, which will boost the attractiveness of the property market for local, regional and international investors.
I congratulate Nakheel and Meydan for being chosen by our visionary leader who always thinks outside the box to make Dubai the world’s top destination for doing business, for real estate investment and a family destination.
Because of an excellent business environment in Dubai, Samana Developers consistently performed well and has recently been ranked among the top 10 highest-selling off-plan developers. Samana’s ambitions for 2024 are even higher. The new decree by His Highness Shiekh Mohammed will help us perform even better, grow faster and bring more international real estate investment to Dubai.
I wish Dubai every success for the new merger!
The integration of Nakheel and Meydan into Dubai Holding heralds a new chapter in the emirate’s economic evolution, characterized by enhanced competitiveness and resilience on the global stage. Beyond fortifying its position in traditional sectors such as real estate and hospitality, the conglomerate is poised to venture into cutting-edge domains, including entertainment and investments. This strategic diversification is envisioned to bolster Dubai’s appeal as a magnet for investment and innovation.
Established in 2004, Dubai Holding has emerged as a beacon of progress, driving forward the emirate’s transition towards an innovation-driven, knowledge-based economy. With esteemed entities like Jumeirah Group, Dubai Properties, and TECOM Group under its expansive umbrella, Dubai Holding continues to spearhead initiatives that catalyze growth and foster sustainable development.
The integration of Nakheel and Meydan into Dubai Holding not only consolidates the emirate’s real estate prowess but also underscores its commitment to fostering a dynamic, resilient economic landscape. As Dubai charts a course towards realizing its economic objectives outlined in the Dubai Economic Agenda D33, this strategic alliance sets the stage for a future defined by innovation, diversification, and sustained prosperity.