Dubai: 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, spors efforts and boost 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."
The integration follows the directive of His Highness Sheikh Mohammed 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 conglomerate” that specializes in spaces where it already has built sufficient exposure, such as creating full-fledged real estate destinations as well as on leisure and entertainment investments.
Change at the top
It was in mid-November that Sheikh Ahmed 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.
as for Dubai Holding, which was set up in 2004, it 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. These businesses had to show that their operations were materially affected by the outbreak.