Nakheel Strata launched at Cityscape Global 2016
The new business's portfolio already includes 350 Dubai properties, and Nakheel chairman Ali Rashid Lootah also expressed the likelihood of a UAE-wide expansion
Master developer Nakheel unveiled an owners' association (OA) management business at Cityscape Global 2016, held in Dubai.
The new business's portfolio already includes 350 properties across Dubai, such as Palm Jumeirah's Marina Residences and 240 buildings in International City.
Ali Rashid Lootah, chairman of Nakheel, also expressed the likelihood of a UAE-wide expansion of the company's activities.
Nakheel Strata extends an existing management team within Nakheel that oversees OA activities at the development firm's buildings.
The current OA management division acts on behalf of 70,000 people that either own or live in Nakheel's 27,000 units across 11 Dubai communities.
Remarking on the launch of Nakheel Strata, Lootah said: "Nakheel Strata draws on our long-standing OA management strength and expertise to open up our services to the general market.
"We are already a serious force in this sector as the size and depth of our current portfolio gives us unmatched buying power with which we can achieve competitive rates – and therefore the best value – for our customers.
"The appointment of a skilled, experienced OA management firm enhances the value of properties, leading to a higher return on investment for owners and, for tenants, a desirable community in which to live.
"We look forward to quickly establishing Nakheel Strata as Dubai’s – and potentially the UAE’s – OA management company of choice," Lootah added, according to Dubai Media Office.