Palm islands developer Nakheel to merge with Meydan under Dubai Holding
DUBAI real estate developers Nakheel and Meydan will merge and become part of Dubai Holding, UAE’s WAM state news agency reported on Saturday (Mar 16).
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$16 billion rescue plan in the aftermath of a 2009-2010 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.
Meydan is a major developer of hospitality and entertainment facilities in Dubai, including Dubai Canal, a 3-km stretch of waterway between Dubai’s Business Bay and the coast.
It also has real estate projects next to its Meydan Racecourse, home of the Dubai World Cup horse race. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Fed hike throws Singapore banks a margin lifeline; UOB most likely to feel impact
He built the Vingroup empire. Now South-east Asia’s richest man is handing some key roles to his sons
Real-estate veteran Desmond Sim quits from CEO roles at Realion, ETC
Chagee, Mixue and Luckin won the market. Sustaining their edge is the harder part
