2019 CW Power 100: Ali Rashid Lootah of Dubai's Nakheel at #27
EXCLUSIVE: Chairman of the Dubai-based developer, which is behind the Palm Jumeirah, returns to CW Power 100
Dubai’s man-made island Palm Jumeirah is one of the city’s most internationally recognised developments to have been built by UAE developer Nakheel, which is led by chairman Ali Rashid Lootah.
According to its 2018 financial results, released in March 2019, Nakheel’s current and future non-development portfolio includes 19 retail projects; 18 hotels, resorts, and serviced apartment complexes with 6,600 keys; and 24 clubs and restaurants in Dubai.
The group, under Lootah’s guardianship, posted net profits of $1.2bn (AED4.38bn) last year. Its total equity stood at $13.34bn (AED49bn) in December 2018, which Nakheel said has more than doubled since its 2011 value of $6.53bn (AED2bn).
Nakheel has recently awarded a contract worth $2.3m (AED8.6m) for the construction of a 5km-long cycling track, a jogging route, and several outdoor gyms within its Nad Al Sheba community. The project is set to be delivered next year.
Check out the 2019 Construction Week Power 100 magazine issue here.