Move was overseen by Meraas, Dubai Holding and DXB Entertainments new chairman
A new entity has been set up to manage projects for local firms Dubai Holding and Meraas Holding, according to a statement from DXB Entertainments on the Dubai Financial Markets (DFM).
The statement also added that DXB Entertainments has appointed Mohamed al-Mulla as the companys new CEO, replacing Raed al-Nuaimi who will assume the position of CEO for the newly formed project management entity.
The statement did not provide any further details regarding the operations or the name of this entity.
The move was overseen by Meraas, Dubai Holding and DXB Entertainments chairman Abdulla al-Habbai, who was appointed by Sheikh Mohammed bin Rashid al-Maktoum as Dubai Holding chairman earlier this month.
On 14 May, Dubai Holding announced a major mixed-use scheme called Marsa al-Arab. It will be developed on two new artificial islands on either side of the Burj al-Arab hotel. It will cover an area of about 370,000 square metres and will add 2.2 kilometres of beach. One island will be dedicated to entertainment and family tourism, while the other will be a resort.
Project overload for Dubai developers?
With Dubai Holdings first project launched under Al-Habbais leadership, the question will inevitably turn to what is next. Staff at Dubai Holdings development companies have been preparing new schemes for some time, and with a broad portfolio, there is scope to launch a wide range of new projects catering to a variety of market segments.
The challenge for Dubai Holding and other developers in the emirate will be project overload and not allowing these new schemes to detract from the challenge of delivering what has already been launched. Read more.
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