Dubai Holding

دبي القابضة · United Arab Emirates · Middle East · Founded 2004 · State holding company · Not an IFSWF member

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Focus

Dubai Holding: what it invests in

Real estateTourism and hospitalitySportsentertainment and gamingConsumer and retailTelecoms and media

Strategic state holdingsReal estatePublic equitiesPrivate equity

Geography Domestic and global

Scale

Dubai Holding: how big it is, and on what basis

AED 500B

Assets under management

In US dollars: about USD 136.2B. Converted at the AED 3.6725 peg.

Transparency

Dubai Holding: what it publishes

4.5 of 10 Band 3 of 5

Published 2 · Partly 5 · Not published 3

Our 10 item score. It measures what is public, not how well a fund is run.

Assets under managementS7: AED 500B (about USD 136B)
Share of Dubai GDPS7: 13.5% (2025, company figure)
SectorsS7: 10
CountriesS7: 30+
Emaar Properties stakeS8: 29.73% (largest shareholder)
Transparency scoreS6: 4.5 of 10

At a glance. Dubai Holding is the Dubai Government-directed holding company behind many of the emirate's best-known communities, hotels and attractions. It manages assets of AED 500 billion (about USD 136 billion) across 10 sectors and more than 30 countries, and owns Jumeirah, Nakheel, Meraas and Meydan. It is also Emaar Properties' largest shareholder and the second largest in Emirates NBD. S7 S4 S8

Key points

Its core businesses contributed 13.5 percent of Dubai's GDP in 2025, according to its first Impact Report. S7 S9
Raised its Emaar Properties stake to 29.73 percent in 2026 by buying 22.27 percent from the Investment Corporation of Dubai. S8
Ten sectors: real estate, hospitality, leisure and entertainment, retail, media, education, design, technology, science and manufacturing. S10
Core businesses generate more than AED 77 billion of annual value; group infrastructure spending was AED 12 billion in 2024. S7
Listed TECOM Group and Empower on the Dubai Financial Market in 2022 and Dubai Residential REIT in May 2025; exited Empower in February 2026. S4
Its residential communities house two in five Dubai residents and 85 percent of international tourists visit one of its destinations, by its own measures. S7

Interesting facts

It was set up to manage the projects of Dubai's first big build-out, including Dubai Internet City, Dubai Media City and Jumeirah Beach Residence. S1
It launched du, the UAE's second telecom operator, in 2005, and SmartCity parks in Kochi and Malta in 2007. S5
Nakheel, the developer of the Palm islands, joined the group in 2024 on the Ruler's direction. S3

Mandate and goals

Dubai Holding aims to raise Dubai's competitiveness by building communities, growing sustainable industries and making the city a hub for talent and new ideas. Its investment arm seeks global capital that adds long-term value for Dubai. S7

Build and run communities, destinations and businesses that strengthen Dubai's economy. S7
Unlock value from its strategic land bank with leading partners, in line with the Dubai 2040 Urban Master Plan and the D33 Agenda. S11
Attract global capital and partners that deliver long-term value for Dubai. S7
Develop UAE national talent through group-wide programmes. S12

How it invests

Industries	Real estate, Tourism and hospitality, Sports, entertainment and gaming, Consumer and retail, Telecoms and media, Technology, Financial services, Education S10
Asset classes	Strategic state holdings, Real estate, Public equities, Private equity S4
Stages	Real estate, Buyout, Public markets, Infrastructure S4
Geography	Domestic and global. Dubai is the core market; Jumeirah runs flagship hotels in France, Switzerland, Italy and the Maldives S7 S4
Direct / through funds / co-invest	Yes / No / Yes S4
Ticket size	No ticket size is published. S8
Deal sizes seen	Joint ventures and stakes from AED 1B construction awards to the AED 38B Aldar venture (2025)
External managers	Runs its own asset management arm, Dubai Holding Asset Management; external manager use is not published S6
Co-investment programme	Works with named partners on joint ventures and stakes S4 S11

Largest holdings: Emaar Properties (29.73%), Emirates NBD, TECOM Group, Dubai Residential REIT, Jumeirah (100%) S4 S6 S8

Published criteria

Partners deliver the full development cycle on Dubai Holding land, as in the Aldar venture. S11
Investments should bring global capital and long-term value to Dubai. S7

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2026	Emaar Properties. Bought 22.27 percent from ICD, taking its stake to 29.73 percent and becoming largest shareholder. S8	Direct investment	Real estate	Public markets	Not published	29.73%
2026	Empower. Exited its stake in the listed district cooling company. S4	Sale or exit	Infrastructure and utilities	Public markets	Not published
2025	Aldar joint venture expansion. Two new plots for about 14,000 homes, at Nad Al Sheba and Palm Jebel Ali; Aldar develops and sells. S11	Joint venture or partnership	Real estate	Real estate	AED 38B gross development value
2025	Dubai Residential REIT. Residential portfolio set up as a REIT and listed on the Dubai Financial Market. S4	New company or platform	Real estate	Real estate	Not published
2025	Nord Anglia Education. Part of the EQT-led consortium that acquired the schools group. S12	Co-investment	Education	Buyout	Not published
2024	Nakheel and Meydan. Incorporated into the group on the Ruler's direction. S3	State asset transfer	Real estate	Not stated	Not published
2023	Aldar joint venture. First phase of communities including Haven, Athlon and The Wilds. S11	Joint venture or partnership	Real estate	Real estate	Not published
2022	TECOM Group. Partial sale through a listing on the Dubai Financial Market. S4	Sale or exit	Real estate	Public markets	Not published
2021	DXB Entertainments. Taken private and integrated into the group. S4	State asset transfer	Sports, entertainment and gaming	Buyout	Not published
2020	Meraas. Developer integrated into the group. S4	State asset transfer	Real estate	Not stated	Not published
2005	du (Emirates Integrated Telecommunications). Launched the UAE's second telecom operator. S5	New company or platform	Telecoms and media	Not stated	Not published

Case studies

Aldar venture: monetising the land bank S11

What: Dubai Holding supplies land and Aldar runs design, sales, delivery and management.
When: 2023 to 2025
Size: AED 38B gross development value in the expansion
Why: To turn strategic land into communities without building everything in house.
Outcome: Earlier phases sold quickly; the expansion adds about 14,000 homes.

Becoming Emaar's largest shareholder S8

What: Bought a 22.27 percent block of Emaar Properties from fellow Dubai investor ICD.
When: 2026
Size: Not published
Why: Consolidates Dubai's main listed developer under the group that already partners with it on joint ventures.
Outcome: Stake of 29.73 percent.

Listing to recycle capital S4

What: Listed TECOM Group and Empower in 2022 and Dubai Residential REIT in 2025, then exited Empower.
When: 2022 to 2026
Size: Not published
Why: Brings outside investors into mature assets and frees capital for new projects.

Investment process

Strategy is set under the Chairman, appointed by the Ruler of Dubai, and run by the Group CEO with a group investment office. Big structural moves, such as adding Nakheel and Meydan, come by direction of the Ruler. S6 S3

Dubai Holding Investments, led by the Group Chief Investment Officer, handles stakes and partnerships. S6
Land is often developed through joint ventures in which the partner runs the full development cycle. S11
Mature assets may be listed on the Dubai Financial Market or sold. S4

How to approach: No open intake for investment proposals is published; general contact details are on the company website. S10

Size and returns

Headline size: AED 500B (Assets under management) S7 S9
In US dollars: about USD 136.2B. Converted at the AED 3.6725 peg.
Annual value from core businesses: More than AED 77B (Published estimate) S7
Returns: the fund does not publish a return figure.

Leadership

Name	Title	Since
HH Sheikh Ahmed bin Saeed Al Maktoum	Chairman S6	Not published
Amit Kaushal	Group Chief Executive Officer S4	2018-02
Omar Karim	Group Chief Investment Officer and CEO, Dubai Holding Investments S6	Not published
Sharjil Anwar	Group Chief Financial Officer S6	Not published
Khalid Al Malik	CEO, Dubai Holding Real Estate S6	Not published
Malek Al Malek	Group CEO, Dubai Holding Asset Management S6	Not published
Thomas B. Meier	CEO, Jumeirah S6	Not published
Fernando Eiroa	CEO, Dubai Holding Entertainment S6	Not published

Governance and transparency

Oversight: Chairman appointed by the Ruler of Dubai; group officers named for investment, finance, legal, audit, people and technology S6 S5
Listed group companies such as TECOM Group and Dubai Residential REIT follow Dubai Financial Market disclosure rules. S4
The 2026 Impact Report, built with Kearney, measures economic contribution rather than financial results. S7

Transparency score: 4.5 of 10 (band 3 of 5). Our own 10-item rubric; see the methodology page.

Published: holdings or deal list, named leadership. S4 S6
Partly published: total assets, asset allocation, geographic or sector split, governance and mandate documents, regular reporting schedule. S6 S7
Not published: annual return, long-term returns, audited financial statements. S7

History

Date	Event
2004-10-09	Dubai Holding launched. S1
2005	du launched. S5
2008	Jumeirah Beach Residence officially opened. S5
2018-02	Amit Kaushal becomes Group CEO. S4
2020	Meraas integrated. S4
2022	TECOM Group and Empower listed. S4
2024-03-16	Nakheel and Meydan incorporated into the group. S3
2025-05	Dubai Residential REIT listed. S4
2026-02	Empower exit. S4
2026	Emaar stake raised to 29.73 percent. S8

For family offices

Dubai Holding has no programme for family offices. Outside investors can reach its assets through its listed companies and REIT, or as joint venture partners on land, schools and infrastructure. S4 S11

Buy shares in listed group companies such as TECOM Group and Dubai Residential REIT. S4
Joint ventures on its land bank, where the partner develops and sells. S11
Consortium deals with global sponsors, as with Nord Anglia Education. S12

Reports

Impact Report 2026: https://www.dubaiholding.com/en/impact-report S7

Common questions

How big is Dubai Holding?

It manages AED 500 billion of assets, about USD 136 billion at the dirham peg, across 10 sectors and more than 30 countries. S7

Who runs Dubai Holding?

Sheikh Ahmed bin Saeed Al Maktoum is Chairman and Amit Kaushal is Group CEO. Omar Karim is Group Chief Investment Officer. S6

Does Dubai Holding own Emaar?

It is Emaar Properties' largest shareholder with 29.73 percent after buying 22.27 percent from ICD in 2026. S8

Is it the same as Dubai Investments PJSC?

No. Dubai Investments is a separate listed company. S6

Is Dubai Holding an IFSWF member?

No, it is not on the IFSWF members list. S2

Investment Corporation of Dubai (ICD) United Arab Emirates (Dubai) · AED 1,680B
ADQ and L'IMAD Holding United Arab Emirates (Abu Dhabi) · AED 996.8B
Dubai Investment Fund United Arab Emirates (Dubai) · About USD 80B, estimate
Mumtalakat Holding Company Bahrain · BHD 7.22B
Wafra Kuwait · KD 119.0M
Dubai World United Arab Emirates (Dubai) · Not disclosed

All sovereign wealth funds in Middle East · All state holding companys · All funds in United Arab Emirates

Sources

Disclaimer

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