Sheikh Ahmed bin Saeed Al Maktoum will temporarily oversee both companies as part of a fresh strategy
HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has appointed Sheikh Ahmed bin Saeed Al Maktoum to temporarily oversee Dubai Holding and Meraas, replacing Abdulla Al Habbai.
According to a WAM report, the move is part of a fresh strategy to explore new expansion projects for both groups, and to identify further opportunities to maximise growth by leveraging their diverse assets and investment portfolios.
Furthermore, the appointment seeks to further consolidate the strong brand profile and leading position of the two groups across both the Arab world and internationally. The move is also aligned with Dubai’s evolving growth strategy that seeks to constantly create new value through innovation, the report added.
Established in 2004, Dubai Holding developers and manages a portfolio of companies focused on investments, financial services, real estate, specialised business parks, telecommunications and hospitality. The company has also played an instrumental role in developing Dubai’s diversification programme across multiple industries and is at the frontlines of Dubai’s strategy to build a sustainable, innovation-driven economy in line with the UAE Government’s Vision 2021.
In the first half of 2019, Dubai Holding delivered a robust operational performance, the WAM report said. The company added that the year had seen multiple successes and achievements that support the vision of HH Sheikh Mohammed bin Rashid Al Maktoum. The Group said that it 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, which is set to further boost the Group’s performance. 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.
As one of Dubai’s most successful conglomerates, Meraas aims to enhance Dubai’s landscape through a ‘human-centric’ approach towards developing assets in the real estate, tourism, hospitality, F&B, retail, leisure and entertainment, technology, maritime and healthcare sectors, it has said.
According to the developer, its mission is to build a creative urban culture where communities can take root.
In 2019, the developer oversaw the launch of several high-profile projects, including the Coca-Cola Arena and Bluewaters Island. It is also the developer of Ain Dubai – the world’s tallest observation wheel at more than 250 metres high – which will be completed in time for Expo 2020 celebrations.