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Naaman Atallah resigns as Group CEO of Nakheel after merger with Dubai Holding

His departure marks the end of an era, as the companies undergo significant changes under new leadership

Naaman Atallah steps down from his position as Group CEO of Nakheel and Meydan following the merger of the firms into Dubai Holding

Naaman Atallah, the Group CEO of Nakheel and Meydan, resigned from his position, according to Arabian Business. His decision to step down came after the firms were merged into Dubai Holding last month.

Nakheel, the property developer behind projects such as Palm Jumeirah and The World Islands, appointed Atallah as the Group CEO in 2020, and this decision marks the end of Atallah’s tenure as the head of the firm, which he took to greater heights including the revival of Palm Jebel Ali.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, in March, announced the merger of Nakheel and Meydan under the Dubai Holding umbrella.

In a post on his ‘X’ (formerly known as Twitter) account, Sheikh Mohammed said, “In a significant step towards bolstering our economic progress, today we ordered the merger of Nakheel and Meydan under the Dubai Holding umbrella. The move aims to establish a formidable global economic entity with a diverse portfolio spanning technology, media, hospitality, real estate, retail, and other sectors.”

It was also announced that the boards of Nakheel and Meydan will be dissolved, and the merged companies will be led by HH Sheikh Ahmed bin Saeed Al Maktoum.

Experts unanimously believed the merger would have a significant impact on the local market by capturing momentum and land for development. It will control future supply, regulate projects under the Dubai Holding umbrella, and organise competition. These changes are expected to benefit private developers by moderating supply flow and overseeing market movement.

Dubai Holding

Dubai Holding owns Jumeirah Group, Dubai Properties, and TECOM Group, which oversees Dubai Internet City and Dubai Media City.

Nakheel and Meydan

Nakheel and Meydan have launched projects in real estate, retail, hospitality, and more.