Dubai property firm Meraas is set to become part of Dubai Holding, following a directive from Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, to form a giant economic entity of diversified economic activities.
The new entity will fall under the leadership of Sheikh Ahmed bin Saeed Al Maktoum.
A statement from Dubai media office said, "Meraas will join forces with Dubai Holding in an effort to sustain and advance growth through a unified and integrated vision that builds on gains, spurs efforts, and boosts Dubai’s global competitiveness."
Dubai Holding lists Jumeirah Group, Dubai Properties, and TECOM Group among its portfolio. TECOM Group owns and operates ten sector-focused business clusters, with Dubai Internet City and Dubai Media City being the flagships. Meraas has launched several projects in multiple sectors including real estate, retail, hospitality, food and beverage, leisure and entertainment, and healthcare.
"Meraas will join Dubai Holding to further develop a highly diversified conglomerate operating in several sectors across real estate, tourism, hospitality, leisure and entertainment, and investments. This move is set to combine a complementary suite of services and expertise to diversify the economy and maximize their competitiveness in the global marketplace," the statement added.
“This strategic vision will provide an ideal platform to address the growing demand for specialized services globally and seeks to leverage new opportunities that are emerging and serve the global demand expected in the long term.”
Dubai Holding is a diversified global company with operations in 13 countries that employs over 20,000 people.
It was established in 2004 and manages AED130 billion worth of assets that support the diversification and growth of Dubai’s economy.
The company’s portfolio comprises over 80 million square feet of total developed land, more than 3,500 homes, 2,000 retail units, and 15 landmark destinations.
