Sheikh Mohammed announces the merger of Nakheel and Meydan under the Dubai Holding umbrella

The UAE's vice president, prime minister, and ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, announced on Saturday that Nakheel and Meydan will combine under Dubai Holding.

"In a significant step towards bolstering our economic progress, today we ordered the merger of Nakheel and Meydan under the Dubai Holding umbrella," stated Sheikh Mohammed in a message on his "X" (formerly known as Twitter) account. The goal of the move is to create a powerful worldwide economic organisation that spans a variety of industries, including real estate, retail, media, technology, and hospitality." 

Sheikh Ahmed bin Saeed Al Maktoum will serve as the organization's leader, the Dubai Ruler declared. 

The aim is to create a more financially efficient organisation with hundreds of billions of dollars' worth of assets and a wealth of global knowledge in a variety of industries. This consolidation puts us in a competitive position both domestically and internationally, supporting the realisation of Dubai's Economic Vision 2033 and our national goals.

Numerous initiatives in the real estate, retail, hotel, food and beverage, leisure and entertainment, and healthcare sectors have been initiated by Nakheel and Meydan.