A new entity is being set up in Dubai to manage the multi-billion dollar development projects for Dubai Holding, a global investment holding company, and UAE developer Meraas.

Raed Kajoor Al Nuaimi, the chief executive officer of DXB Entertainments, has been appointed as the CEO of the new organisation.

Announcing the new entity, Abdulla Al Habbai, the chairman of DXB Entertainments as well as of Dubai Holding and Meraas Holding, said: "Al Nuaimi will be in charge until a new CEO is appointed."

"He will thereafter continue as a senior executive with the company, in the role of managing director and executive member of the board of directors," he added.

Prior to his DXBE role, Al Nuami was the chief leisure and entertainment officer at Meraas, where he helped develop new strategies and identify opportunities for the company in key growth areas.

He is a former member of the UAE Naval Forces, and holds a bachelor’s degree in Business Administration from Ashford University, UK.

Dubai Holding, an investment conglomerate, has operations in 21 countries with a 22,000-strong work force.

It manages a Dh130 billion ($35 billion ) portfolio of assets, which supports the strong development of Dubai’s non-oil economy across sectors including tourism, hospitality, real estate, media, ICT, education, design and trade.

Meraas, with portfolio and activity in real estate, tourism, hospitality, healthcare, technology, retail, F&B (food and beverages), leisure & entertainment. aims to make Dubai and the UAE better for people to live, work and play in.

It boasts several major projects including City Walk, The Beach, Boxpark and its latest Last Exit and The Outlet Village which are open places for communities to socialise, explore, learn, play, create and enjoy.

Its activities include developing and operating diverse, high quality urban destinations, as well as investing and creating new technologies and experiences across the city.-TradeArabia News Service