A new entity is being created that will manage multibillion-dollar development projects for both Dubai Holding and Meraas Holding.
It will be managed by the current chief executive of DXB Entertainments, the company that developed the Dubai Parks and Resorts attraction.
In a statement 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 was appointed by Abdulla Al Habbai, who was himself given the role of new chairman of Dubai Holding in March, but who retains his previous role as the chairman of Meraas Holding. DXB Entertainments said 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,” it added.
“The appointment of a new CEO will be announced by the company in due course,” DXB Entertainments said.
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 Marsa Al Arab – a Dh6.3 billion project containing a pair of new islands close to Burj Al Arab that will house a new theatre, a marine park, 20,000 square metres of retail and 2,400 hotel rooms.
Meraas Holding, meanwhile, is responsible for the development of Dubai Harbour – a project featuring a cruise liner terminal, a 1,400-berth marina, a 3.5 million sq feet mall and the Dubai Lighthouse, which was announced in January. Meraas Holding also jointly owns land for development along the banks of the recently completed Dubai Canal.
David Clifton, regional development director for project management firm Faithful + Gould, said that introducing project management discipline to each firm’s project pipeline makes sense, in principle.
“Meraas has got a recent history of project delivery, but Dubai Holding has not really been a developer per se – it’s more of an investment vehicle. It’s set up to be what it is – a financial organisation. If you asked a bank to deliver a programme of works in the construction industry, they wouldn’t have a clue.”
mfahy@thenational.ae
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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If you go...
Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).
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World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
