Sheikh Mohammed, the ruler of Dubai, announced that two big companies, Nakheel and Meydan, will come together to form one company under Dubai Holding on March 16, 2024. He mentioned this will make their plans even stronger. Sheikh Ahmed bin Saeed Al Maktoum will be in charge of this big company that aims to be known worldwide.
Previous Dubai Holding Projects
Since it started in 2004, Dubai Holding has grown a lot, moving towards an economy filled with new ideas and knowledge. Nakheel and Meydan have been working on many different types of projects like houses, shops, hotels, food and drinks, fun activities, and health care.
Dubai Holding owns a bunch of companies, such as Jumeirah Group, Dubai Properties, and TECOM Group. It also works with Meraas Holding and Merex Investment on some projects, alongside Brookfield Asset Management. Some of the cool places they have are Bluewaters Island, City Walk, and La Mer.
They also have an entertainment part that takes care of famous places and things to do. This includes radio stations like Dubai 92, Dubai Eye, and Virgin Radio, as well as places like Global Village, Ain Dubai, Dubai Parks and Resorts, Roxy Cinemas, and the Wild Wadi water park.
In 2022, Dubai Holding sold half of the Dubai Creek Harbour project to Emaar Properties for $2.04 billion (Dhs7.5bn). They also sold a bit of TECOM, about 12.5%, by offering shares to the public on the stock market..
Aim
The goal of the merger is to make a strong business with hundreds of billions of dollars worth of assets in areas like retail, real estate, media, and technology. The change made Sheikh Mohammed happy, and he thought that the next phase would be one of fast growth and tough competition.
Two well-known real estate companies, Nakheel and Meydan, will work together with Dubai Holding to grow the group’s business into new areas like investments, leisure, entertainment, tourism, and real estate. The companies will be better able to compete in the world market because they will have more services and skills that work well together.
Global Ambitions
As soon as the builders become more well-known in the local real estate market, they also start to look at markets in other countries. Eagle Hills, a company based in Abu Dhabi that builds homes and businesses, was picked last week to build a massive mixed-use project in Hungary. The project will cost 5.8 billion HUF, about 23.2 billion Dh.
On Saturday, the Dubai Media Office said that the boards of directors for both companies would be dissolved. They will “form a global economic entity” instead, and Sheikh Ahmed bin Saeed Al Maktoum will be in charge. He is already in charge of some of Dubai’s most famous companies, such as Emirates Group.
Business people must consider that Dubai companies could also become renowned worldwide, especially in Eastern European markets, which have been tough for some local builders to break into. CEO of Property Finder Cherif Sleiman says that now that Nakheel and Meydan are one company, it will be easier for businesses from different fields to collaborate and integrate.
Conclusion
The Sheikh said that the two big companies, Nakheel and Meydan, will join to make Dubai Holding. They want to make a big, vital business with many assets in many different areas, like homes, shopping, media, and technology. Leading this big move is Sheikh Ahmed bin Saeed Al Maktoum. If everything goes well, the company will be able to grow quickly and compete better around the world. This shows that Dubai wants to be a significant player on the world stage. They also want to do business in other countries.
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