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 manage the operations of Dubai Holding and Meraas.
Sheikh Ahmed – currently the chairman and CEO of Emirates Group and chairman of Dubai World – will replace Abdulla Al Habbai, a statement said.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai has appointed His Highness Sheikh Ahmed bin Saeed Al Maktoum to temporarily oversee Dubai Holding and Meraas, replacing Abdulla Al Habbai.
— Dubai Media Office (@DXBMediaOffice) November 7, 2019
The move is to explore expansion prospects for both groups, maximise growth by leveraging their asset and investment profiles, and further consolidate their brand profiles regionally and globally.
Dubai Holding has been pivotal in Dubai’s diversification agenda, with its operations and investments stretching across 10 countries.
Jumeirah Group, TECOM Group, Dubai Properties, Dubai Asset Management, Arab Media Group, and Dubai Retail are a few of its subsidiary companies, the statement said.
Meraas, Dubai’s business conglomerate, has over 80 million square feet of total developed land, more than 3,500 homes, 2,000 retail units, and 15 landmark destinations in its portfolio, the statement added.
Few of its real-estate properties include Al Seef, Bluewaters, Boxpark, City Walk, Dubai Harbour, Jumeira Bay, Kite Beach, La Mer, Last Exit, Pearl Jumeira, The Beach and The Outlet Village.
Meraas is also looking to grow its portfolio further. The company recently signed a partnership with Brookfield Asset Management to jointly operate a retail-focused real estate platform in the UAE, with the joint venture valued at approximately Dhs5bn.