In a monumental move aimed at fortifying Dubai's economy, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Ruler of Dubai, has announced the merger of two iconic real estate giants, Nakheel and Meydan, under the esteemed umbrella of Dubai Holding. This strategic integration, unveiled on Saturday, signifies a pivotal step towards solidifying the emirate's position as a global economic powerhouse.

Under the visionary leadership of Sheikh Ahmed bin Saeed Al Maktoum, the newly formed entity under Dubai Holding is poised to harness synergies and propel Dubai's economic growth to unprecedented heights. With the abolishment of the boards of directors of Nakheel and Meydan, the amalgamation promises a more streamlined and efficient operational framework, geared towards achieving greater financial prowess and global influence.

"The goal is to create a more financially efficient entity, owning assets worth hundreds of billions, and comprising global expertise across various sectors with which we can compete regionally and globally, achieving our national objectives, and realizing the Dubai Economic Agenda D33," expressed Sheikh Mohammed.

Since its inception in 2004, Dubai Holding has been at the forefront of fostering an innovation-driven, knowledge-based economy, boasting an impressive portfolio that includes renowned entities such as Jumeirah Group, Dubai Properties, and TECOM Group. Nakheel and Meydan, synonymous with groundbreaking projects spanning real estate, hospitality, retail, and entertainment sectors, are set to further augment Dubai Holding's diversified conglomerate.

The strategic consolidation aims to leverage the combined strengths and expertise of Nakheel and Meydan alongside Dubai Holding's existing assets, ushering in a new era of enhanced competitiveness and resilience in the global marketplace. This unified approach is poised to cater to the evolving demands of specialized services on a global scale, while capitalizing on emerging opportunities to drive sustainable growth in the long term.

"We are optimistic about an upcoming phase where we will multiply our growth, compete with our ambitions, and achieve our economic vision for our people," remarked Sheikh Mohammed, underscoring the profound impact of this merger on Dubai's economic trajectory.

As Dubai Holding continues to spearhead transformative initiatives in alignment with Dubai's Economic Vision 2033, the merger of Nakheel and Meydan stands as a testament to the emirate's unwavering commitment to innovation, progress, and prosperity. With assets worth Dh130 billion ($35.4 billion) spanning across more than a dozen countries, Dubai Holding remains steadfast in its mission to shape a vibrant and resilient future for generations to come.