Meraas to become part of Dubai Holding

Entity will continue to hone its expertise around creating destinations

The master-developer Meraas, the name behind Jumeira Bay and La Mer, will be integrated into Dubai Holding. The intention, according to a statement issued by Dubai Media Office, is to have a “unified and integrated vision that builds on gains, spurs efforts and boosts Dubai’s global competitiveness”.

“This strategic vision will provide an ideal platform to address the growing demand for specialised services globally ... and seeks to leverage new opportunities and serve the global demand expected in the long-term.”

Change at the top

The integration follows the directive of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

Meraas will join Dubai Holding to create a “highly diversified

Dh 1 b combined relief for tenants of Meraas and Dubai Holding assets

conglomerate” that specialises in spaces where it already has built sufficient exposure, such as creating fullfledged real estate destinations as well as on leisure and entertainment investments.

It was in mid-November that Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and Chief Executive of Emirates airline and Group, came on board to oversee the operations of Dubai Holding and Meraas.

Multiple assets

Dubai Holding, which was set up in 2004, lists multiple assets including Jumeirah Group, Dubai Properties and TECOM Group, which operates 10 sector-focused clusters.

When Covid-19 struck and its effects started to show up in the local economic activity, Dubai Holding and Meraas jointly announced Dh1 billion worth of relief to clients across their portfolio.