Package designed to partially alleviate vulnerable businesses and individuals within Dubai Holding and Meraas ecosystem
Dubai Holding, the global investment holding company, and Meraas, the Dubai-based developer and operator of lifestyle destinations, has launched an economic relief package aimed at supporting existing business partners and customers across their portfolio of companies.
According to a statement, the package amounts to more than $272.2 million and is designed to partially alleviate the burdens that encumber some of the businesses or individuals within the Dubai Holding and Meraas ecosystem, who have been impacted by the COVID-19 outbreak.
As a diversified global company, Dubai Holding boasts operations in 13 countries with a 20,000-strong workforce. Established in 2004, it manages $35.3 billion worth of assets that support the diversification and growth Dubai’s economy across 12 sectors, including tourism, hospitality, real estate, media, ICT, education, science, retail, industry and design.
The company’s portfolio includes:
- Jumeirah Group: A global luxury hotel company that operates a world-class 6,500+-key portfolio of 26 properties across the Middle East, including the flagship Burj Al Arab, Europe and Asia, with more properties currently under construction around the globe.
- Dubai Properties: A master developer and residential real estate development arm of Dubai Holding behind Dubai’s most renowned and iconic destinations such as Jumeirah Beach Residence and Business Bay.
- TECOM Group: The owner and operator of 10 sector-focused business districts, including Dubai Internet City and Dubai Media City.
- Dubai Asset Management: One of the largest residential asset management companies in the UAE providing owners’ association management, community management, leasing and property management services to individual homeowners and institutional landlords.
- Dubai Retail: The retail management company that focuses on developing, operating and managing Dubai Holding’s extensive range of strategically located retail assets across prime destinations and communities.
- Arab Media Group: The media and entertainment arm that comprises Global Village, Arabian Radio Network, Multi-Platform Network and Done Events.
As a Dubai-based conglomerate, Meraas is involved in the real estate, tourism, hospitality, F&B, retail, leisure and entertainment, technology, maritime, and healthcare sectors.
Its portfolio comprises of more than 80 million sqft of total developed land, more than 5000 homes, 1400 retail units, and 15 landmark destinations, including Boxpark, Al Seef, Bluewaters, City Walk, Dubai Harbour, Jumeira Bay, Kite Beach, La Mer, Last Exit, Pearl Jumeira, The Beach and The Outlet Village.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Holding and Meraas, said: “We have directed our teams at Dubai Holding and Meraas to ensure that we provide relief to those impacted customers, whether they are companies or individuals, by the outbreak of COVID-19.”
“We believe that it is our social and economic responsibility to stand with affected partners during such unprecedented times,” remarked Sheikh Ahmed.
He added that task forces have been established at both Dubai Holding and Meraas to look at the specific requirements on a case-by-case basis to ensure that sufficient economic relief and support is made available.