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04/09/2017 - 19:15hs
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Nakheel to launch projects worth USD 871 million

Six new ventures will be unveiled by the developer at the real estate industry event Cityscape Global 2017, set to take place in Dubai next week.



Dubai – Master developer Nakheel will present a series of projects worth AED 3.2 billion (USD 871 million) at the real estate industry sector fair Cityscape Global 2017, scheduled for September 11 to 13 in Dubai, according to information published this Monday (4) by Emirates News Agency (WAM). Nakheel is run by Dubai’s government and is responsible for some of the most symbolic construction works of the emirates, such as Palm Jumeirah, the artificial island shaped as a palm tree.

The company will launch six new residential, retail and hospitality ventures in four of its communities, including Palm Jumeirah. According to WAM, the company already signed construction contracts worth AED 7 billion (USD 1.9 billion) this year and expects the total to reach AED 12 billion (USD 3.266 billion) until the end of 2017.

According to the UAE news agency, Nakheel’s ongoing projects reach AED 50 billion (USD 13.6 billion), considering infrastructure and construction costs. The company’s ventures currently occupy a total area of 15,000 hectares, able to accommodate 270,000 people.

“At Cityscape, we will demonstrate our pivotal role in realizing the government of Dubai’s vision for 2021, and highlight Dubai’s unrivalled investment opportunities for investors,” said Nakheel’s president Ali Rashid Lootah, according to WAM. He added that projects to be launched at the fair are “unique opportunities for local and international investors.”

Nakheel was one of the companies to spearhead Dubai’s frantic real estate development last decade, but with the 2008 international financial crisis the company faced great difficulties, went into default and renegotiated terms and values with its lenders. The crisis impacted not only the group owner of the company, the Dubai Holding, but also the emirate’s economy.

Since then, however, the developer was able to recover, although some of the megaprojects announced in the past weren’t executed. Last year, for instance, the company announced a record net profit of USD 1.35 billion.

*Translated by Sérgio Kakitani

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