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Emirates Chairman to Run Dubai Royal’s New Growth Agency

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Sheikh Ahmed bin Saeed Al Maktoum already runs Dubai’s Emirates Airline. He’ll now oversee two of its greatest growth organizations too.

Two of Dubai’s most outstanding actual property builders are being merged and rolled into the non-public portfolio of the emirate’s ruler.

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Nakheel – builder of the Palm Jumeirah island – and Meydan are actually underneath the umbrella of Dubai Holding, with their boards abolished and Emirates Group chairman Sheikh Ahmed bin Saeed Al Maktoum put in cost.

The announcement got here from the state newswire WAM as a decree from the royal household. Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum mentioned he’s “forming a world financial entity with a various portfolio in sectors equivalent to know-how, media, hospitality, actual property, retail, and extra.”

The mixed Nakheel and Meydan super-developer doesn’t have a reputation but, however it should give attention to actual property, tourism, hospitality, leisure and leisure, and investments.

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Sheikh Ahmed already acts as chairman of Dubai Holding, chairman of Dubai World, and chairman of Emirates Airline and Group.

How Are Meydan and Nakheel Concerned in Tourism?

Each Meydan and Nakheel are main builders in Dubai, with Nakheel specifically being liable for a number of the metropolis’s most bold tasks. Nakheel is finest recognized for having constructed the bogus Palm Jumeirah island, residence to the 2 Atlantis resorts, waterparks, luxurious houses, a mall, and a string of five-star inns.

Nakheel additionally constructed The World Islands in Dubai. It’s redeveloping Palm Jebel Ali and Dubai Islands, two different synthetic islands launched alongside Palm Jumeirah that had been halted by the 2008 monetary disaster.

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The corporate’s resort portfolio features a St. Regis resort on Palm Jumeirah, the Bab al Shams Desert Resort operated by Kerzner, and the all-inclusive Riu resort on Dubai Islands.

Alongside actual property, Meydan owns the Meydan Lodge within the metropolis. That is residence of the Dubai World Cup, which is a lavish equestrian racing occasion the Dubai ruler places on annually.

What’s Dubai Holding?

Dubai Holding is the non-public funding portfolio of Sheikh Mohammed, it was shaped in 2004.

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It holds a number of the UAE’s largest firms throughout varied sectors, together with Dubai Properties in actual property, TECOM Group in telecommunications, and Jumeirah Group in hospitality. Dubai Holding can be the second largest shareholder of Emaar – the developer of the Burj Khalifa.

Who’s Sheikh Ahmed?

Sheikh Ahmed – now in command of this new growth agency – is the uncle of the ruler of Dubai. He turned chairman of Emirates Group in 1985, the yr it was based. Business legend Sir Tim Clark joined the identical yr and have become firm president in 2003.

The Emirates Group chairman additionally serves as chief government and is heralded for taking the corporate from two leased planes within the Nineteen Eighties to one of many world’s largest airways right now.

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Sheikh Ahmed has contributed to Dubai’s international stature as a number one enterprise, tourism, commerce, and transport hub, with aviation now accounting for 28% of its GDP.

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