Nakheel promises project launches every month

CEO says more coastal development required as Dubai population swells to four million.

Regular announcements: Nakheel believes there is a need for more coastal development.
Regular announcements: Nakheel believes there is a need for more coastal development.

Nakheel will announce a new project every month of this year as part of a massive portfolio of developments the company has been working on over the last two years, according to Nakheel CEO, Chris O'Donnell.

In the last two weeks, the company has unveiled Dubai Promenade, the redevelopment of Port Rashid and The Universe.

Although the company declined to disclose individual project values, the current number of projects under way and planned totals US $80 billion (AED 293 billion).

"You will see Nakheel announcing a number of projects this year - every month, we'll announce a new development," said O'Donnell.

"Our view is that there needs to be more coastal development, and that's the reason behind The Universe and Port Rashid.

"The expected population growth by 2020 is four million, and with that being the case, we need to continue to provide real estate. So announcing these now makes a lot of sense."

O'Donnell added that The Universe will be different from The World development in that it will accommodate high-rise and mixed-use projects as opposed to being a low-rise ‘gated' community.

The Universe will be made up of a collection of islands that stretch from Port Rashid to Palm Jumeirah.

According to Hamza Mustafa, director, The World, The Universe will bring The World closer to Dubai's shoreline.

"The whole idea of The World is to create a group of islands that will become Dubai's most exotic destination," he said.

O'Donnell added that the first property offering at Dubai Promenade - Channel Towers - will be launched at the end of January. The project will be made up of eight towers along with a five-star, wheel-shaped hotel.

The redevelopment of Port Rashid is expected to create a port community on a par with London's Canary Wharf and the Melbourne Docklands.

Nakheel will also invest $55 million in Blue Communities, a sustainable building initiative aimed at raising awareness of coastal development issues.

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