Meraas to become part of Dubai Holding
Meraas, a diversified group and developer of some of the iconic and landmark projects, will become part of Dubai Holding, the Dubai media office said on Tuesday.
The decision was taken by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
Meraas will join forces with Dubai Holding, the investment arm of the Dubai government, in an effort to sustain and advance growth through a unified and integrated vision that builds on gains, spurs efforts and boosts Dubai's global competitiveness, the statement said.
"Meraas is set to become part of Dubai Holding, under the leadership of His Highness Sheikh Ahmed bin Saeed Al Maktoum," according to the statement. This move is set to combine a complementary suite of services and expertise to diversify the economy and maximise their competitiveness in the global marketplace.
Since its establishment in 2004, Dubai Holding has continued to create positive strides aimed at fostering an innovation-driven knowledge-based economy. Dubai Holding lists Jumeirah Group, Dubai Properties and Tecom Group among its portfolio.
Meraas has launched several projects in multiple sectors including real estate, retail, hospitality, food and beverage, leisure and entertainment and healthcare. These include City Walk, Bluewaters Island, Jumeira Bay, Pearl Jumeira, La Mer, and Dubai Harbour.
This strategic vision will provide an ideal platform to address the growing demand for specialised services globally and seeks to leverage new opportunities that are emerging and serve the global demand expected in the long term," the statement said.