Sheikh Mohammed bin Rashid Al Maktoum announced on Saturday that top real estate developers Nakheel and Meydan will form a joint venture under Dubai Holding. He stated that this move is part of efforts to “consolidate and enhance the momentum of Dubai’s economic growth.”
The goal is to create a more financially efficient entity, with assets worth hundreds of billions of dollars and global expertise across various sectors, with which we can compete regionally and globally, achieve our national objectives, and realize the Dubai Economic Agenda D33,” said the Dubai Ruler, Vice-President, and Prime Minister of the UAE in a post on X.
He added that Sheikh Ahmed bin Saeed Al Maktoum will lead this worldwide economic organization. Nakheel and Meydan Company’s boards of directors will be disbanded.
Since its inception in 2004, Dubai Holding has made considerable steps toward fostering an innovation-driven, knowledge-based economy.
Dubai Holding’s portfolio includes Jumeirah Group, Dubai Properties, and TECOM Group. Tecom Group alone owns and operates ten sector-focused business clusters, the flagships of which are Dubai Internet City and Dubai Media City.
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