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Dubai's Nakheel to boost $16bn project pipeline at Cityscape Global

Nakheel will launch a project each within Deira Islands and Jumeirah Park at the property exhibition next week

Nakheel chairman Ali Rashid Lootah expects to award new construction contracts in 2018.
Nakheel chairman Ali Rashid Lootah expects to award new construction contracts in 2018.

Dubai master developer Nakheel revealed it has a $15.7bn (AED58bn) pipeline of construction and infrastructure projects under way at present.

Nakheel is set to expand this pipeline by launching two new projects at real estate trade show Cityscape Global in Dubai, which will be held between 2 and 4 October at Dubai World Trade Centre this year.

Projects that will be unveiled by Nakheel at the show include a beachfront project in the man-made Deira Islands waterfront city, and a new cluster of townhouses, each with a private pool, at Jumeirah Park. Nakheel is yet to reveal the names of these projects.

READ: Nakheel awards $9m Jumeirah Park construction contract to GBH

Ali Rashid Lootah, chairman of Nakheel, said the company's upcoming developments, such as Deira Islands, would play “a major part of the next chapter of Dubai’s real estate success story”.

Deira Islands is a cluster of four artificial islands spanning 15.8km² off the coast of Dubai, and will feature a four-star hotel and a yacht club. The Jumeirah Park community is a family-focused residential project with 2,000 villas, occupying a land area of 3.5km².

The developer has been an active player in the UAE property sector, awarding construction contracts worth $1.9bn (AED7bn) this year, with more deals expected to be inked before the close of 2018.

The UAE's Ali Mousa & Sons Contracting recently won a $150.3m (AED552m) Nakheel contract to build Dragon Towers, a two-building complex located in Dragon City, Dubai.

Another $122m (AED447m) Nakheel contract to build a 12-lane, 600m bridge linking Deira Islands with mainland Dubai was signed with Wade Adams Contracting in June.

In a sign of Nakheel's business ties with China, Beijing Water Design won a $17.9m (AED66m) contract to to build, operate, and manage a 12,000m² choreographed fountain for the developer's $217m (AED800m) The Pointe, which is due to complete in the next three months.

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Construction Week - Issue 761
Mar 21, 2020