DXB Entertainments chief to lead new Meraas-Dubai Holding project group
A new entity is being created that will manage multi-billion dollar development projects for both Dubai Holding and Meraas Holding.
The entity will be managed by the current chief executive of DXB Entertainments, the company that developed the Dubai Parks and Resorts attraction.
In a statement this morning to the Dubai Financial Market, DXB Entertainments confirmed that its chief executive, Raed Al Nuaimi, has been appointed to run the new operation.
Mr Al Nuaimi has been appointed to run the new company by Abdulla Al Habbai, who was appointed as the new chairman of Dubai Holding in March, but who retains his previous role as the chairman of Meraas Holding.
DXB Entertainments said in its announcement to the Dubai stock exchange that Mr Al Nuaimi will remain as its chief executive until a replacement is found.
“He will thereafter continue as a senior executive with the company, in the role of managing and executive member of the board of directors”.
“The appointment of a new CEO will be announced by the company in due course,” DXB Entertainments added in its statement.
DXB Entertainments is majority owned by Meraas Holding, which retains a 52.29 per cent stake in the company.
Dubai Holding and Meraas Holding are both bringing forward significant new ventures. This month, it was announced that Dubai Holding will develop of Marsa Al Arab – a Dh6.3bn project containing a pair of new islands close to Burj Al Arab that will contain a new theatre, a marine park, 20,000 sq m of retail and 2,400 new hotel rooms. Meraas Holding, meanwhile, is responsible for the development of Dubai Harbour – a project containing a cruise liner terminal, a 1,400-berth marina, a 3.5 million sq ft mall and the Dubai Lighthouse, which was announced back in January. Meraas Holding also jointly owns land for development along the banks of the recently completed Dubai Canal.