DXB En­ter­tain­ments chief to lead new Mer­aas-Dubai Hold­ing en­tity

Cre­ated to man­age projects be­ing brought for­ward

The National - News - Business - - The Region - Michael Fahy mfahy@then­ational.ae

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

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