Skip to content Skip to Search
Skip navigation

Nakheel and Meydan merge with Dubai Holding 

Dubai's ruler Mohammed bin Rashid Al Maktoum launched the Economic Agenda to double the size of the emirate's economy. Oreseya Capital will contribute to this aim Reuters
The goal is to create a more financially efficient entity and comprising global expertise across various sectors, said Sheikh Mohammed

Two of Dubai’s largest state-backed developers – Nakheel and Meydan – will merge into Dubai Holding, the investment vehicle of Dubai’s Ruler Sheikh Mohammed bin Rashid Al Maktoum, to create a new global economic entity. 

Nakheel and Meydan will become part of Dubai Holding under the leadership of Sheikh Ahmed bin Saeed Al Maktoum, with the board of the two companies being abolished, the UAE’s state-owned Wam news agency reported.

The two companies under Dubai Holding’s umbrella will develop a highly diversified conglomerate operating in several sectors, including real estate, tourism, hospitality, leisure and entertainment and investments.

“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,” Sheikh Mohammed said.

“We are optimistic about an upcoming phase where we will multiply our growth and compete with our ambitions,” he added.

Created in 2004, Dubai Holding’s portfolio of comprises includes Jumeirah Group, Dubai Properties and Tecom Group, the owner and operator of 10 sector-focused business clusters.

Nakheel and Meydan have launched several projects in various sectors, including real estate, retail, hospitality, food and beverage, leisure and entertainment, and healthcare.

Dubai’s state-run conglomerates have $78 billion in loan repayments due over the next few years, according to new research, but analysts have told AGBI the emirate is on track to cover the debts. 

Juili Pargaonkar, a global rating analyst at S&P, pointed to the Dubai government’s “improving fiscal flexibility”, attributing it to the formation of the Dubai Investment Fund to oversee government investments and the Debt Management Office, as well as “declining [public sector] debt and active monetisation of assets”.

Latest articles

A customer paying with a credit card inside the Black Friday Market in Beirut. Lebanon wants more people to move away from cash

Lebanon launches plan to promote use of bank cards

Lebanese central bank Banque du Liban announced a new agreement on Thursday that it hopes will result in a rebound in the use of bank cards. As part of the agreement, Mastercard and Visa will lower card fees on transactions, particularly for people with bank accounts based outside Lebanon. In a press release, the bank […]

Iraq gas oil

Iraq to auction 30 oil and gas projects this month

Iraq will auction 30 new oil and gas projects in two licensing rounds before the end of April. The bidding round will be held on April 27, Reuters reported, citing an oil ministry statement. Last October Iraq passed a long-awaited oil and gas law, which will help the country attract more international investments into the hydrocarbon industry and boost government revenues.  Ali Metwally, an […]

Workers at Cano Limon oil field in eastern Colombia. Oil is one of the country's largest exports

UAE strikes Colombia deal to strengthen Latin American links

The UAE has strengthened trade relations with Latin America after signing a comprehensive economic partnership agreement with Colombia, just days after a Cepa deal was struck with Costa Rica. Officials from the UAE and Colombia put pen to paper on an agreement that will cut tariffs and remove trade barriers between the two countries. UAE […]

Alstom's upgraded passenger transit system will help reduce emissions at King Abdulaziz International Airport

Alstom to upgrade driverless transit system at Jeddah airport

French train maker Alstom will upgrade the automated and driverless passenger transit system at King Abdulaziz International Airport, as the Jeddah airport aims to receive 114 million passengers by 2030. As part of the contract, Alstom will design, engineer, supply, integrate, test and commission a complete system upgrade of its Innovia automated people mover (APM) at the airport’s terminal […]