Top real estate developers Nakheel and Meydan will now fall under the umbrella of Dubai Holding, Sheikh Mohammed bin Rashid Al Maktoum announced on Saturday.
This step, he said, comes as part of efforts to “consolidate and enhance the momentum of Dubai’s economic growth”.
“The goal is to create a more financially efficient entity that owns hundreds of billions in assets and includes global expertise in various sectors with which we can compete regionally and globally, achieve our national goals, and support us in achieving Dubai Economic Vision 2033,” the Dubai Ruler and Vice-President and Prime Minister of the UAE said in a post on X.
This global economic entity will be run under the leadership of Sheikh Ahmed bin Saeed Al Maktoum, he added.
“All the best to the work team in the new mission… and we are optimistic about a coming stage in which we double our growth, compete with our ambitions, and achieve our economic vision for our people.”
More to follow