Dubai Ruler makes changes to Meraas, Dubai Holding management
Move is part of a fresh strategy to explore expansion prospects for both groups; identify further growth opportunities
Vice President and Prime Minister of the UAE and Ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum has appointed HH Sheikh Ahmed bin Saeed Al Maktoum to temporarily oversee UAE giant Dubai Holding and Dubai-based developer Meraas, replacing Abdulla Al Habbai, who previously served as chairman of the firms.
According to the Dubai Media Office, the move is part of a fresh strategy to explore expansion prospects for both groups; identify further growth opportunities; consolidate the brand profiles; and is aligned with Dubai’s evolving growth strategy that seeks to constantly create new value through innovation.
Established in 2004, Dubai Holding develops and manages an extensive portfolio of companies focused on investments, financial services, real estate, specialised business parks, telecommunications, and hospitality.
The Group foresees strong growth over the next five years and continued financial success, driven by recurring revenue assets and new projects. Dubai Holding is set to play an important role in the staging of Expo 2020 Dubai through its hospitality and real estate offerings.
The Group's operations and investments span across 10 countries in the region and around the world. Subsidiary companies, including Jumeirah Group, TECOM Group, Dubai Properties, Dubai Asset Management, Arab Media Group, and Dubai Retail, employ around 20,000 employees.
Meraas aims to enhance the emirate’s cityscape with a human-centric approach to developing assets in the real estate, tourism, hospitality, F&B, retail, leisure and entertainment, technology, maritime, and healthcare sectors. Meraas has a mission of building a creative urban culture where thriving communities can take root.
Among its investments are real-estate properties in premium locations, including Bluewaters Residences, Bvlgari Residences, Cherrywoods, City Walk Residences, Nikki Beach Residences, Port de La Mer Residences, Villa Amalfi, and Zabeel Saray Royal Residence.
The company’s portfolio comprises over 743.224ha of total developed land, more than 3,500 homes, 2,000 retail units, and 15 landmark destinations, including Al Seef, Bluewaters, Boxpark, City Walk, Dubai Harbour, Jumeira Bay, Kite Beach, La Mer, Last Exit, Pearl Jumeira, The Beach, and The Outlet Village.