Meraas is set to become part of the Dubai Holding group under the leadership of Sheikh Ahmed bin Saeed Al Maktoum, according to a statement from the government of Dubai’s media office.
Dubai Holding lists several properties in its portfolio already, including Jumeirah Group, Dubai Properties and TECOM Group.
“Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Meraas will join forces with Dubai Holding in an effort to sustain and advance growth through a unified and integrated vision that builds on gains, spurs efforts and boosts Dubai’s global competitiveness,” the statement read.
The addition of Meraas to the Dubai Holding portfolio follows several projects launched by Meraas in real estate, retail, hospitality, food and beverage, leisure and entertainment and healthcare, the statement said.
“This move is set to combine a complementary suite of services and expertise to diversify the economy and maximize their competitiveness in the global marketplace,” it added.
“This strategic vision will provide an ideal platform to address the growing demand for specialised services globally and seeks to leverage new opportunities that are emerging and serve the global demand expected in the long term,” it concluded.
The announcement comes as Dubai prepares to reopen its economy for a post coronavirus world, with lockdown measures in place to combat the spread of the virus gradually easing.
Last week, Dubai’s Crown Prince Sheikh Hamdan bin Mohammed bin Rashid said that the emirate was ready for the challenge.
“We have learned from Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, to defeat the impossible, and to turn the challenge into an opportunity to consolidate our achievements and benefit from our readiness and to rapidly adapt with the new reality,” Sheikh Hamdan said during a meeting of the Dubai Executive Council.
Experts have previously noted that the UAE’s economy has a “greater ability” to begin growing again after the coronavirus pandemic compared to other economies.