Today, Dubai Holding has assets worth Dh130 billion sprawled across more than a dozen countries, but when the company was established in October 2004, it operated from "rented offices with used furniture" and what its former chairman described as "a small loan".
“When we first started, we were faced with a challenging situation, as we only had one remote piece of land in Dubai and only a Dh200 million loan. Today the Group’s assets exceed Dh100 billion across different sectors," Mohammad Abdulla AlGergawi said in a 2017 statement as he stepped down from his post as chairman of Dubai Holding.
The beginnings of Dubai Holding are strongly interlinked with the emirate's strategies in positioning itself as a global business and tourism hub. Its foundation marked a new chapter in Dubai's economy and penchant for landmark projects.
The conglomerate is active in several sectors, including hospitality, real estate, asset management, entertainment and investments. It is the personal corporate portfolio of Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, with Sheikh Ahmed bin Saeed as its current chairman.
Dubai Holding is behind many of the emirate's key properties. Among the first projects it launched was Madinat Jumeirah, which opened in 2004. The five-star resort was designed to be reminiscent of an Arabian village. It features a handful of hotels and dozens of restaurants at its sprawling beachfront location. It is also a recurring venue of the annual Art Dubai festival.
The resort was, in many ways, a statement by Dubai Holding of its intent to contribute to the city’s development as a business and tourism destination. In the two years that followed, the organisation launched Dubai Studio City, Dubai International Academic City, du and Emirates International Telecommunications (EIT), which invests in telecom companies across the world.
Dubai Holding also took under its wing several existing projects, including Dubai Media City and Dubai Internet City, both of which were vital in developing the emirate's media sector.
"Dubai evolved from a city that had one television station to an international media centre, attracting more than 2000 media organisations and 33,000 experts in the field of media, working and living in Dubai Media City and transforming Dubai to the capital of content creation in the region," Mr AlGergawi said in 2017.
The Tecom Group, which was a subsidiary of Dubai Holding, was established in 2005 to manage existing business districts and develop new ones with the government of Dubai. Tecom is also behind Dubai Design District and Dubai Industrial City. Although Tecom went public in 2022, Dubai Holding remains a stakeholder.
The business districts in the emirate became blueprints for several international developments under the Dubai Holding umbrella, including SmartCity Kochi in India and SmartCity Malta.
Investments and joint ventures under the Dubai Holding portfolio include Dubai Hills Estate, du, Rove Hotels, and Dubai Waste Management Centre.
Projects under Meraas Holding and Merex Investment (a joint venture with Brookfield Asset Management) are also partly under the Dubai Holding umbrella. These include City Walk, La Mer, and Bluewaters Island.
Dubai Holding also has the brands under Jumeirah Hotels group, such as Burj Al Arab, Jumeirah Beach Hotel, Hatta Wadi Hub, as well as hotels abroad, including Jumeirah Himalayas Hotel and Jumeirah Guangzhou.
Dubai Holding has several well-known developments under its entertainment division. Global Village, Ain Dubai, Dubai Parks and Resorts, Roxy Cinemas and Wild Wadi are all within the conglomerate, along with radio stations, including Dubai 92, Dubai Eye and Virgin Radio.
At the time of Mr AlGergawi's departure from Dubai Holding, Sheikh Mohammed expressed his appreciation of the former chairman's efforts in boosting Dubai Holding, saying: “Dubai Holding added real value to our national economy."
Killing of Qassem Suleimani
The years Ramadan fell in May
More on animal trafficking
More on Quran memorisation:
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
More on Quran memorisation:
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
More on animal trafficking
The years Ramadan fell in May
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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UAE currency: the story behind the money in your pockets
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
The bio
Favourite vegetable: Broccoli
Favourite food: Seafood
Favourite thing to cook: Duck l'orange
Favourite book: Give and Take by Adam Grant, one of his professors at University of Pennsylvania
Favourite place to travel: Home in Kuwait.
Favourite place in the UAE: Al Qudra lakes
The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels
No Shame
Lily Allen
(Parlophone)
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
Mohammed bin Zayed Majlis
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
