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Dubai's Economic Powerhouse: The Strategic Merger of Nakheel, Meydan, and Dubai Holding

Dubai\'s Economic Powerhouse: The Strategic Merger of Nakheel, Meydan, and Dubai Holding_e0444387_21325370.jpg

In a new milestone tostrengthen and boost economic growth, Sheikh Mohammed bin Rashid, VicePresident and Ruler of Dubai, announced the merger of real estate companiesNakheel and Meydan under the umbrella of Dubai Holding on Saturday. This is anew historic milestone for Dubai in its efforts to sustain and accelerategrowth through a unified and integrated vision, building on past gloriousachievements, driving efforts, and enhancing global competitiveness.

Dubai\'s Economic Powerhouse: The Strategic Merger of Nakheel, Meydan, and Dubai Holding_e0444387_21372474.jpg

With this bold move, thetwo companies Nakheel and Meydan will join Dubai Holding under the leadershipof Sheikh Ahmed bin Saeed Al Maktoum. The merger aims to create a morefinancially efficient entity, with assets worth hundreds of billions ofdirhams, as well as combining global expertise across various sectors so thatDubai can compete regionally and globally, achieve its national goals, andrealize the Dubai Economic Agenda D33.

In this historicannouncement, Sheikh Mohammed affirmed his commitment to multiplying growth,competing with ambition, and realizing Dubai's economic vision for its people.He expressed his optimism for the upcoming phase in which Dubai will multiplyits growth.

Since its establishmentin 2004, Dubai Holding has been determined to drive an innovation-oriented,knowledge-based economy. Dubai Holding's portfolio includes Jumeirah Group,Dubai Properties, and Tecom Group, which oversees 10 sector-focused business clusterssuch as Dubai Internet City and Dubai Media City as its flagship.

Meanwhile, Nakheel andMeydan have unveiled various projects in multiple sectors including realestate, retail, hospitality, food and beverage, entertainment and leisure, andhealthcare services. With Nakheel and Meydan joining Dubai Holding, the conglomeratewill further expand into a highly diversified entity, operating across sectorssuch as property, tourism, hospitality, entertainment and leisure, andinvestments.

The merger will combine acomplementary suite of services and expertise to diversify the economy andmaximize Dubai's competitiveness in the global marketplace. This strategicvision will provide an ideal platform to meet the growing global demand for specializedservices and capitalize on emerging new opportunities to serve long-term globaldemand.

The beginnings of DubaiHolding are strongly intertwined with Dubai's strategies in positioning itselfas a global business and tourism hub. The conglomerate is active across varioussectors, including hospitality, real estate, asset management, entertainment,and investments. Dubai Holding is the personal corporate portfolio of SheikhMohammed, with Sheikh Ahmed currently serving as its chairman.

Dubai Holding is behindmany of Dubai's key properties. One of the first projects it launched wasMadinat Jumeirah, which opened in 2004. In the following two years, theorganization launched Dubai Studio City, Dubai International Academic City, du,and Emirates International Telecommunications, which invests in telecomcompanies worldwide.

Dubai Holding also tookover several existing projects, such as Dubai Media City and Dubai InternetCity, which were vital in developing Dubai's media sector. Tecom Group,initially a subsidiary of Dubai Holding, was established in 2005 to manageexisting business districts and develop new ones alongside the government ofDubai.

Investments and jointventures under the Dubai Holding portfolio include Dubai Hills Estate, du, RoveHotels, and Dubai Waste Management Centre. Projects under Meraas Holding andMerex Investment – a joint venture with Brookfield Asset Management – are alsopartially under the Dubai Holding umbrella. These include City Walk, La Mer,and Bluewaters Island.

Dubai Holding also ownsbrands under the Jumeirah Hotels group, such as Burj Al Arab, Jumeirah BeachHotel, Hatta Wadi Hub, as well as hotels abroad, including Jumeirah HimalayasHotel and Jumeirah Guangzhou.

Dubai Holding'sentertainment division also boasts several well-known developments. GlobalVillage, Ain Dubai, Dubai Parks and Resorts, Roxy Cinemas, and Wild Wadi areall within the conglomerate, along with radio stations such as Dubai 92, DubaiEye, and Virgin Radio.

Today, Dubai Holding hasassets worth 130 billion dirhams ($35.4 billion) across more than a dozencountries. "When we first started, we were faced with a challengingsituation, as we only had one remote piece of land in Dubai and a 200 milliondirham loan. Today, the Group's assets exceed 100 billion dirhams acrossdifferent sectors," said Mohammad Al Gergawi, Dubai Holding's formerchairman, in 2017.

The merger of Nakheel andMeydan will open doors for more integration across sectors and collaborationwithin the real estate industry, according to Cherif Sleiman, Chief RevenueOfficer at Property Finder. "Recent figures have already been showing brightprospects for investment in the country. We believe this will furtheraccelerate the availability of diverse project portfolios to cater to theconstantly growing demand for various types of properties," he said."As a result, we expect property prices to stabilize in themid-term."




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