Dubai Wealth Fund Takes Control of Meydan

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The Investment Corporation of Dubai (ICD) will now review the business strategy of Dubai developer Meydan.

Meydan’s real estate projects are now under the control of Investment Corporation of Dubai (ICD) who earlier this year took control of Nakheel and is also the largest shareholder in Emaar Properties, Dubai’s largest developer.

Dubai Wealth Fund Takes Control of Meydan

The review of Meydan’s business is likely to see part of the company’s operations lie with Nakheel in the future however their two main business interests – real estate and horse racing will remain separate. Al Shaibani, Chairman of Nakheel, commented:

“Most day-to-day management functions have been delegated to Nakheel. We are slimming down the company’s debts while remaining fully committed to all liabilities,” with the overall goal being to bring down Meydan’s debt by around 40 per cent.

The review will also see the construction of Meydan One Mall – expected to be boast around 550 shops on completion – suspended indefinitely.

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Source : Internet | Photocredit : Google

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