Dubai's ICD adds Meydan to portfolio to gain larger property footprint

Meydan’s two main lines of business – real estate and horse-racing – will remain separate
December 17, 2020
Investment Corp. of Dubai is gaining a larger footprint in the emirate’s property market by asserting control over state-owned developer Meydan’s real estate projects.
“We have embarked on a review of Meydan’s business strategy,” Mohammed Al Shaibani, ICD’s chief executive officer, said in an emailed reply to questions. “Our aim is to improve efficiencies in operations.”
Meydan, which built Dubai’s horse racetrack, is now overseen by the same government committee that earlier this year took charge of Nakheel, another builder managed by the wealth fund, according to people familiar with the matter. ICD is also the biggest shareholder in Emaar Properties, Dubai’s largest developer.

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