June 9, 2020 / 9:36 AM / a month ago

UPDATE 1-Dubai ruler incorporates property firm Meraas into Dubai Holding

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DUBAI, June 9 (Reuters) - Dubai said on Tuesday that its ruler Sheikh Mohammed bin Rashid al-Maktoum is making state-linked property firm Meraas part of his Dubai Holding investment vehicle.

The move, which was announced in a statement by Dubai’s media office, follows a sharp downturn caused by the coronavirus crisis, which has hit the emirate’s main economic sectors of trade, tourism and transport particularly hard.

Sheikh Mohammed’s decision to bring Meraas under the umbrella of Dubai Holding appeared to be aimed at consolidating balance sheets, cash flows, projects, and centralising decision making, a financial source said.

Dubai Holding holds a substantial portfolio of brands in the property and hospitality sectors, including the Jumeirah Group, Dubai Properties and TECOM Group.

Sheikh Ahmed bin Saeed al-Maktoum, the chairman of the Emirates airline who is also Sheikh Mohammed’s uncle, was appointed in November to temporarily oversee both Meraas and Dubai Holding. (Reporting by Lisa Barrington and Davide Barbuscia: Editing by Louise Heavens and Alexander Smith)

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