Built to inform

Sign up for the daily newsletters

No, Thank you

Dubai market 'very stable', Nakheel chairman says

Speaking at a conference in Cannes, Ali Rashid Lootah reportedly said the downturn in Dubai property prices indicates a "good correction" in the market

Nakheel's portfolio in Dubai includes Palm Jumeirah.
Nakheel's portfolio in Dubai includes Palm Jumeirah.

Dubai development firm Nakheel's chariman reportedly believes the recent slowdown in the city's property market is a positive trend. 

At a conference in Cannes, Nakheel's Ali Rashid Lootah is reported to have said the downturn is a "good correction – we don’t want Dubai to be too expensive". 

Lootah added Dubai's property market is "very stable – demand is less but it has stabilised". 

Citing Financial Times, Arabian Business reported Nakheel, according to Lootah, is considering new developments in three Asian countries. 

These include a mixed-use development with a Vietnamese partner in Ho Chi Minh city, and potential partners in China and Pakistan, the report stated. 

“We are looking at opportunities to diversify,” Lootah said during the event in Cannes, where Nakheel is showcasing its $1bn (AED4bn) developments to investors.  

Nakheel's portfolio in Dubai includes the Palm Jumeirah and Palm Deira master developments.

Most popular


The road to gender equality in Middle East construction
The story behind the CW Awards' Rising Star accolade, each of which has to date


Leaders Kuwait 2018: New Kuwait 2035 needs smart city-led contracts
Localisation and contract modernisation are essential for Kuwait's diversification strategy
Construction Week's Leaders Kuwait 2018 summit opens
Speakers from Kuwait's Supreme Council for Planning and Development and CSCEC ME are at today's

Latest Issue

Construction Week - Issue 738
Apr 21, 2019