Reflections on Two Decades of Dubai Holding: A Journey of Vision and Achievement

As I reflect upon Dubai Holding today, celebrating its 20th anniversary, I am reminded of the inception of this grand dream, which began in rented offices with used furniture and a $200 million loan from HSBC Bank. Our ambition was to establish a comprehensive economic entity that would play a pivotal role in diversifying Dubai's economy and enhancing its status as a global destination for investment and development. At that time, Dubai was poised for new horizons and needed an entity that could merge the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum with strategic plans to transform that vision into tangible reality.

The foundation of Dubai Holding predates its official establishment, as it was on October 29, 1999, that His Highness Sheikh Mohammed bin Rashid Al Maktoum announced the creation of Dubai Internet City. This was the precursor to a series of transformative projects in Dubai, culminating in 2004 when His Highness directed the formation of a company to manage these projects under a unified brand name: Dubai Holding. He entrusted me with the establishment and chairmanship of this company, marking a decisive step toward building a robust and multifaceted economic entity across vital sectors around the globe, including Europe, Asia, and Africa.

Foundational Years

When Dubai Holding launched, our vision was clear: to build a global group that invests across diverse sectors and embraces transformative projects for the future of the region. Despite facing numerous challenges, both locally in securing project financing and internationally in attracting global companies to invest in Dubai and the region, we overcame obstacles due to the leadership’s unwavering commitment to achievement and the support provided to our teams. We successfully attracted top global talent and expertise, implemented innovative management strategies, and focused on key sectors such as technology, telecommunications, media, tourism, real estate, hospitality, and investment.

The initial years were fraught with challenges. However, we succeeded in establishing and developing successful models for transformative projects that became the cornerstone for numerous subsequent initiatives. Projects like Dubai Internet City and Dubai Media City have now evolved into fundamental pillars of the knowledge economy in the region. Furthermore, we created innovative work environments that attracted both major corporations and startups from around the world, bolstering Dubai's position as a primary hub for business and digital transformation.

Our approach was distinctive, consistently emphasizing the development of integrated economic sectors. Each year saw the addition of a new economic sector, such as the Dubai International Financial Centre, Dubai Production City, Dubai Healthcare City, Dubai Humanity, Dubai Design District, Dubai Academic City, and Dubai Industrial City, alongside notable projects like Jumeirah Group, a global leader in hospitality with assets valued at approximately AED 130 billion, and Empower, which specializes in district cooling services and ranks among the largest companies in this field worldwide.

?

Growth and the Future

Over the past 20 years, we have not only achieved remarkable milestones but have also remained committed to keeping pace with global and local changes. We placed significant emphasis on promoting sustainability across all our projects and investments. We recognized that the true success of any company must be founded on delivering sustainable value to both society and the economy.

When I took on the chairmanship of Dubai Holding, our goal was to become an integrated economic powerhouse, and I believe we have accomplished this through a clear vision and a solid strategy. Today, two decades after its inception, the company’s assets have surpassed AED 265 billion, distributed across 32 countries worldwide, making Dubai Holding the largest national company in Dubai in terms of assets and influence.

Dubai Holding has emerged as a leading global entity, and we take pride in our achievements. However, we firmly believe that the future holds even more opportunities for growth and development. The success of Dubai Holding is not merely the result of individual efforts; it is the culmination of the wise vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum and the dedication of our diverse teams in bringing this vision to fruition. As I look towards the future of Dubai Holding, I see limitless possibilities, and without a doubt, it will remain a leader and a focal point in enhancing Dubai's status as a global destination for business and investment.