07 Sep 2017
Dubai developer preparing to launch leisure project worth AED3.2bn
BY Kim Megson
Dubai development giant Nakheel is preparing to unveil a range of leisure projects worth more than AED3.2bn (US$871.2m, €727.5m, £666.9m) at the forthcoming Cityscape Global 2017 conference in the emirate.
The company will launch six new residential, retail and hospitality developments for four of its communities in Dubai – including one of its its best-known locations: the tree-shaped Palm Jumeirah.
Nakheel chair Ali Rashid Lootah said: “The Nakheel name is synonymous with current and future developments that will further enhance the city’s position as a world-leading location for living, leisure, business and tourism.
“At Cityscape, we will demonstrate our pivotal role in realising the Government of Dubai’s vision for 2021, and highlight Dubai’s unrivalled investment opportunities for investors.
“We continue to deliver and diversify in line with government goals and our own business strategy. And while development remains our core business, we are focussing on growing our hospitality, retail and leasing divisions by creating a range of new hotels, resorts, F&B destinations, malls and tourists attractions across the city.”
The developer, whose projects currently span 15,000 hectares and accommodate more than 270,000 people, already has more than AED50bn worth of projects under way in terms of infrastructure and construction costs.
Hospitality developments in the pipeline include a 5.3sq km (5.9sq mile) beachfront resort on Dubai’s Deira Islands; a waterpark and resort on the same island chain; and a St Regis hotel near Palm Jumeirah, featuring one of the world’s highest infinity pools.
It has awarded construction contracts worth AED7bn (US$1.9bn, €1.6bn, £1.4bn) so far this year, and expects the figure to exceed AED12bn (US$3.2bn, €2.7bn, £2.5bn) by the end of 2017.
Cityscape Global 2017 is billed as the world's largest networking exhibition and conference on property development. It will take place from 11-13 September at the Dubai International Convention and Exhibition Centre.
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