Property developer Meraas to become part of Dubai Holding
The deal will 'combine a complementary suite of services and expertise to diversify the economy'
Meraas is joining Dubai Holding in a move expected to create synergies and develop a diversified conglomerate with operations in several sectors.
The move, which is in accordance with the directives of Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, "is set to combine a complementary suite of services and expertise to diversify the economy and maximise their competitiveness in the global marketplace”, the Dubai Government’s media office said on Tuesday.
“[The] strategic vision will provide an ideal platform to address the growing demand for specialised services globally and seeks to leverage new opportunities that are emerging and serve the global demand expected in the long term.”
Sheikh Ahmed bin Saeed, who was appointed last year to oversee both Dubai Holding and Meraas, will lead the merged entity.
Meraas has launched several projects in several sectors including real estate, retail, hospitality, food and beverage, leisure and entertainment and health care over the past decade.
Last year, the property developer entered into a Dh5 billion venture with Canada’s Brookfield Asset Management to manage and grow a portfolio of retail assets.
The company has developed mixed-use projects such as City Walk, La Mer and Bluewaters Island, as well as resorts that include Pearl Jumeirah and Jumeirah Bay.
It also owns a majority stake in theme park operator DXB Entertainments.
Dubai Holding owns companies such as the Jumeirah Group, Dubai Properties and the Tecom Group.
Tecom Group owns and operates ten sector-focused business clusters including Dubai Internet City and Dubai Media City, while the Jumeirah Group operates a portfolio of luxury hotels, resorts and residences across the Middle East, Asia and Europe.
Dubai Properties has a number of commercial and residential developments in Business Bay, Dubailand, Jumeirah Beach Residence and Dubai Creek.
Dubai Holding and Meraas already shared a project management office, North 25, which was set up in 2017 to oversee new developments undertaken by each group.
Earlier this year, the two entities jointly announced relief measures worth Dh1bn to help clients across their portfolio deal with the effects of the coronavirus pandemic.
The companies said the package was intended to partially alleviate the burden on some businesses and people under the Dubai Holding and Meraas umbrella.
Updated: June 10, 2020 01:40 AM