Nakheel and Meydan will become part of Dubai Holding (Meraas)

In line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, Nakheel and Meydan will join forces with Dubai Holding in an effort to support and accelerate growth through a unified and integrated vision that builds on successes, drives efforts and enhances Dubai's global competitiveness.

Nakheel and Meydan will become part of Dubai Holding under the leadership of His Highness Sheikh Ahmed bin Saeed Al Maktoum. The Board of Directors of Nakheel and Meydan will be abolished.

HH Sheikh Mohammed bin Rashid Al Maktoum said: "As part of a new milestone to strengthen and accelerate our economic growth, today we have ordered the incorporation of Nakheel and Meydan under the control of Dubai Holding, forming a global economic entity with a diverse portfolio in sectors such as technology, media, hospitality, real estate, retail and more, under the leadership of Sheikh Ahmed bin Saeed Al Maktoum."

His Highness added: "The aim is to create a more efficient financial structure with assets worth hundreds of billions and global expertise in various sectors, through which we will be able to compete regionally and globally, achieving our national goals and implementing Dubai Economic Program D33."

He said: "I wish the team all the best in this new mission.... We are optimistic about the phase ahead where we will multiply our growth, compete with our ambitions and realize our economic vision for our people."

Since its inception in 2004, Dubai Holding has continued to make positive strides towards developing an innovative, knowledge-based economy. Dubai Holding includes Jumeirah Group, Dubai Properties and TECOM Group in its portfolio. TECOM Group alone owns and operates ten industry-specific business clusters, the flagships of which are Dubai Internet City and Dubai Media City.

Nakheel and Meydan have launched several projects in various sectors including real estate, retail, hospitality, food and beverage, leisure and entertainment, and healthcare. Nakheel and Meydan will join Dubai Holding to further develop a highly diversified conglomerate operating in several sectors including real estate, tourism, hospitality, leisure and entertainment, and investments.

This move will bring together a complementary set of services and expertise to diversify the economy and enhance global competitiveness.

This strategic vision will provide an ideal platform to meet the growing demand for specialized services worldwide and will capitalize on new opportunities that arise and meet the global demand expected in the long term.