{"id":90118,"date":"2024-03-18T00:00:00","date_gmt":"2024-03-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/nakheel-meydan-to-merge-under-dubai-holding\/"},"modified":"2024-03-18T00:00:00","modified_gmt":"2024-03-18T00:00:00","slug":"nakheel-meydan-to-merge-under-dubai-holding","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/03\/18\/nakheel-meydan-to-merge-under-dubai-holding\/","title":{"rendered":"Nakheel, Meydan to merge under Dubai Holding"},"content":{"rendered":"

Dubai Holding expands portfolio with Nakheel + Meydan merger:<\/strong> Dubai\u2019s <\/font>government-backed real estate firms Nakheel<\/a> and Meydan<\/a> are set to merge into one entity held by Dubai\u2019s investment vehicle, Dubai Holding<\/a>, according to a statement<\/a> from Dubai\u2019s Media Office. The consolidation of the real estate giants will see both of their boards of directors dissolved, while Sheikh Ahmed bin Saeed Al Maktoum \u2014 who is also Emirates Group CEO and chairman \u2014 will head the new entity. No details were provided on the value of the transaction. <\/p>\n

Background:<\/strong> Dubai\u2019s government took over Nakheel \u2014 the developer of the emirate\u2019s palm tree-shaped islands \u2014 in 2011<\/a> from its parent company, Dubai World, as part of a debt restructuring process following the 2009 real estate crash. Meydan launched in 2010 with its famous racecourse, which hosts the horse race Dubai World Cup, and has since expanded to include residential areas, a freezone, a mall, and a hotel. <\/p>\n

Dubai Holding \u2014 which manages assets ranging from entertainment to hospitality and <\/strong>real estate \u2014 already owns a wide range of real estate assets<\/strong> in Dubai, including all of Dubai Properties\u2019, Tecom\u2019s and Meraas\u2019 communities. That includes Business Bay, Jumeirah Beach Residence, City Walk, and Mudon, to name a few.<\/p>\n

The merger will help boost Dubai Holding\u2019s portfolio: <\/strong>The move aims to create a \u201cglobal economic entity\u201d operating across diverse sectors, including technology, media, hospitality, real estate, and retail, Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum said on X<\/a>. The primary objective of the new entity is to improve the companies\u2019 financial efficiency, with the merger paving the way for Dubai Holding to hold \u201cassets worth hundreds of bns.\u201d <\/p>\n","protected":false},"excerpt":{"rendered":"

Sheikh Ahmed Al Maktoum will head the new entity<\/p>\n","protected":false},"author":1,"featured_media":90119,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[87,258,7,60,1044,1043,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-dubai","tag-dubai-holding","tag-enterpriseam-uae","tag-ma-watch","tag-meydan","tag-nakheel-properties","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"9734f11c-2d7a-4969-bc0a-f8d75af7f391","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1432.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Nakheel, Meydan to merge under Dubai Holding","related_issue":[90114],"teaser":"Sheikh Ahmed Al Maktoum will head the new entity","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.6ec8747f-1c8e-4755-93b6-6aba02d7eb53.mp3"},"yoast_head":"\nNakheel, Meydan to merge under Dubai Holding - 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