|07 November, 2019

Dubai ruler appoints Sheikh Ahmed as Meraas and Dubai Holding chief

Sheikh Ahmed bin Saeed Al Maktoum to temporarily oversee Dubai Holding and Meraas

Dubai's Ruler Sheikh Mohammed bin Rashid al-Maktoum, Prime Minister and Vice-President of the United Arab Emirates attends the International Defence Exhibition & Conference (IDEX) in Abu Dhabi, United Arab Emirates February 17, 2019.

Dubai's Ruler Sheikh Mohammed bin Rashid al-Maktoum, Prime Minister and Vice-President of the United Arab Emirates attends the International Defence Exhibition & Conference (IDEX) in Abu Dhabi, United Arab Emirates February 17, 2019.

REUTERS/Christopher Pike

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 oversee Dubai Holding and Meraas replacing Abdulla Al Habbai, it was announced on Thursday. Sheikh Ahmed is the chairman of Dubai-based Emirates airline.

Dubai Government’s Media Office said in a press statement that “the move is part of a fresh strategy to explore new expansion prospects for both groups and identify further opportunities to maximise growth by leveraging their diverse assets and investment portfolios.”

Established in 2004, Dubai Holding develops and manages an extensive portfolio of companies focused on investments, financial services, real estate, specialised business parks, telecommunications and hospitality with operations across 10 countries, the statement said.

It said Meraas’ portfolio comprises over 80 million square feet of total developed land, more than 3,500 homes, 2,000 retail units, and 15 destinations.

In September, Reuters had reported that Canada’s Brookfield Asset Management and Meraas have agreed to form a joint venture valued at 5 billion UAE dirhams ($1.4 billion) to own and operate Meraas’ retail assets.

Meraas is also the majority shareholder in DXB Entertainments, which agreed to pay $7.5 million to the US company Six Flags as part of a settlement deal after ending plans to build a Six Flags theme park in Dubai, Reuters reported in July. Read more here

(Reporting by Anoop Menon; Editing by Mily Chakrabarty)

(anoop.menon@refinitiv.com)

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