Dubai developer Meraas has been added to the portfolio of conglomerate Dubai Holdings, it was announced on Tuesday.
Both the companies, which were transferred under the chairmanship of Sheikh Ahmed bin Saeed Al Maktoum in November last year, will now join forces to “further develop a highly diversified conglomerate”, a statement said.
The combined conglomerate will operate 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 maximise their competitiveness in the global marketplace,” the statement added.
Under the directives of @HHShkMohd, Meraas to become part of Dubai Holding under the leadership of @HHAhmedBinSaeed, in an effort to sustain and advance growth through a unified vision that builds on gains and boosts #Dubai’s global competitiveness. https://t.co/agzPnZUii6pic.twitter.com/pDBgD8Klj2
— Dubai Media Office (@DXBMediaOffice) June 9, 2020
Meraas has over 80 million square feet of total developed land, more than 3,500 homes, 2,000 retail units, and 15 destinations in its portfolio. Some of its real-estate properties include Al Seef, Bluewaters, Boxpark, City Walk, Dubai Harbour, Jumeira Bay, Kite Beach, La Mer, Last Exit, Pearl Jumeira, The Beach and The Outlet Village.
Established in 2004, Dubai Holding has played a key role in the emirate’s diversification agenda, with its portfolio covering Jumeirah Group, Tecom Group, Dubai Properties, Dubai Asset Management, Arab Media Group, and Dubai Retail.
Tecom alone owns and operates 10 sector-focused business clusters, with Dubai Internet City and Dubai Media City being the flagship projects.
The “strategic” move will seek to address the “growing demand for specialised services globally” and “leverage new opportunities that are emerging and serve the global demand expected in the long term”, the statement added.
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