DXB Entertainments chief to lead new Meraas-Dubai Holding entity
Created to manage projects being brought forward
A new entity is being created that will manage multibillion-dollar development projects for both Dubai Holding and Meraas Holding.
It will be managed by the current chief executive of DXB Entertainments, the company that developed the Dubai Parks and Resorts attraction.
In a statement yesterday to the Dubai Financial Market, DXB Entertainments confirmed that its chief executive, Raed Al Nuaimi, has been appointed to run the new operation. Mr Al Nuaimi was appointed by Abdulla Al Habbai, who was himself given the role of new chairman of Dubai Holding in March, but who retains his previous role as the chairman of Meraas Holding. DXB Entertainments said Mr Al Nuaimi will remain as its chief executive until a replacement is found.
“He will thereafter continue as a senior executive with the company, in the role of managing and executive member of the board of directors,” it added. “The appointment of a new CEO will be announced by the company in due course,” DXB Entertainments said.
DXB Entertainments is majority owned by Meraas Holding, which retains a 52.29 per cent stake in the company. Dubai Holding and Meraas Holding are both bringing forward significant new ventures. This month it was announced that Dubai Holding will develop Marsa Al Arab – a Dh6.3 billion project containing a pair of new islands close to Burj Al Arab that will house a new theatre, a marine park, 20,000 square metres of retail and 2,400 hotel rooms.
Meraas Holding, meanwhile, is responsible for the development of Dubai Harbour – a project featuring a cruise liner terminal, a 1,400-berth marina, a 3.5 million sq feet mall and the Dubai Lighthouse, which was announced in January. Meraas Holding also jointly owns land for development along the banks of the recently completed Dubai Canal.
David Clifton, regional development director for project management firm Faithful + Gould, said that introducing project management discipline to each firm’s project pipeline makes sense, in principle.
“Meraas has got a recent history of project delivery, but Dubai Holding has not really been a developer per se – it’s more of an investment vehicle. It’s set up to be what it is – a financial organisation. If you asked a bank to deliver a programme of works in the construction industry, they wouldn’t have a clue.”
Raed Al Nuaimi will remain the chief executive of DXB Entertainments until a replacement is found