DUBAI: Dubai real estate developers Nakheel and Meydan will merge and become part of Dubai Holding, United Arab Emirate’s WAM state news agency reported on Saturday.
Sheikh Mohammed bin Rashid Al Maktoum, Dubai’s ruler, directed the two to merge under his investment vehicle Dubai Holding.
“The goal is to create a more financially efficient entity, owning assets worth hundreds of billions, and comprising global expertise across various sectors,” WAM quoted Sheikh Mohammed as saying.
Nakheel, the group behind Dubai’s palm-shaped islands, was taken over by the government in 2011 as part of a US$16bil rescue plan in the aftermath of a 2009 to 2010 real estate crash.
It has recently secured new financing and accelerated plans for new waterfront projects, cashing in on a rise in demand for coastal properties in the wake of the coronavirus pandemic. — Reuters
