We can’t wait to see what these three developers will bring to the table…

On March 16, 2024, HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai directed Nakheel and Meydan to join forces with Dubai Holding.

The directive was made to advance growth under one integrated vision which will boost Dubai’s global competitiveness. The union falls under the leadership of HH Sheikh Ahmed bin Saeed Al Maktoum. An announcement by Emirates News Agency (WAM) added that the Board of Directors of both Nakheel and Meydan Company will be abolished.

On the decision, Sheikh Mohammed stated, “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, led by Sheikh Ahmed bin Saeed Al Maktoum”.

His Highness added, “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 sent best wishes to the team on the new mission and added, ‘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 Ahmed stated he was honoured to lead this change adding, ‘The inclusion of Nakheel and Meydan under Dubai Holding will lead to a greater financial efficiency and global influence. With a diverse portfolio spanning across various sectors, we are well-positioned to maximise our competitiveness both regionally and globally, while also helping to advance Dubai’s Economic Vision 2033.’

Dubai Holding was established in 2004 and has brands such as Jumeirah Group, Dubai Properties and TECOM Group (which further operates 10 sector-focused business clusters) among its portfolio. Under the unification, Nakheel and Meydan will further develop a diverse conglomerate in several sectors spanning real estate, tourism, hospitality, leisure and entertainment and investments.