Meraas, the developer behind some of Dubai’s most well-known projects and landmarks, will become part of Dubai Holding, a statement from Dubai Media Office announced on Tuesday.

The decision was taken by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, the statement added.

Meraas will join forces with Dubai Holding, the investment arm of Dubai Government, in an effort to sustain and advance growth through a unified and integrated vision that will build on gains, spur efforts and boost Dubai’s global competitiveness, the statement added.

“Meraas is set to become part of Dubai Holding, under the leadership of His Highness Sheikh Ahmed bin Saeed Al Maktoum,” it said.

It explained that the move is set to combine a complementary suite of services and expertise to diversify the economy and maximise their competitiveness in the global marketplace.

Since it was established in 2004, Dubai Holding has created several positive initiatives aimed at fostering an innovation-driven, knowledge-based economy. Amongst its portfolio is Jumeirah Group, Dubai Properties, TECOM Group and others.

Meraas has launched several properties and developments across Dubai, covering a number of sectors, such as retail, hospitality, food and beverage, entertainment and leisure, and healthcare. Developments in its portfolio include City Walk, Blue Waters Island, Box Park and La Mer, amongst others.

The statement concluded by stating that this strategic decision to merge the companies would create an ideal platform to address the growing demand for specialised services globally, and that it would seek to leverage new opportunities that emerging and serve the global demand expected in the long term.