Dubai’s Ruler Endorses Dhs14bn Nakheel Projects

The projects include a 12 million sq ft mixed used development in Deira Islands that will feature a massive mall with a glass dome.

Dubai developer Nakheel is planning to underatke 23 million sq ft of new residential and leisure projects worth Dhs14 billion over the next three years, the company announced on Wednesday.

The projects, including new developments and extensions to existing ones, were showcased to Sheikh Mohammed bin Rashid Al Maktoum, UAE’s VP and PM and Dubai’s ruler on Sunday.

Among the new projects planned is a 12 million sq ft, 16-tower community at Deira Islands, which will include a 4.9 million sq ft mall, over 2,400 homes, and around 1.7 million sq ft of parkland.

The complex includes Deira Mall, which will feature 2.9 million sq ft of leasable space – around 3,000 shops, and a car park for more than 8,400 vehicles. It will also feature a 500m glass dome.

The mall will be surrounded by the 16-tower Deira Islands Towers community, comprising over 2,400 apartments and townhouses spread over four clusters. The towers will be built atop four podium retail developments with 670,000 sq ft of leasable space.

The project also includes the Deira Islands Boulevard, a 400,000 sq ft walkable shopping and dining promenade connecting the residences, mall and parks. The Boulevard will have around 120 outlets.

The development is slated to house 10,000 people when ready, Nakheel said.

The developer also announced a 6.5 million sq ft residential, retail and hotel extension to its Dragon Mart complex.

The expansion includes a 2.2 million sq ft retail component including a showroom-style area for events and exhibitions and a car park with over 6,200 spaces.

Nakheel will also build a two-tower residential complex with 1,120 one and two bedroom apartments, and a separate, 250-room hotel.

This new expansion project complements the existing, 2.95 million sq ft Dragon Mart extension which includes a mall, car park and hotel, the developer said.

To be named Dragon City, the expanded development will eventually span 11 million sq ft.

The third project will be the addition of a new 4.7 million sq ft complex within Nakheel’s Ibn Battuta Mall. The new complex will feature shops spread across 766,000 sq ft, a new multi-storey car park for 7,000 vehicles and a four-star hotel with around 370 rooms.

The extension will also feature a 300,000 sq ft courtyard, with landscaping and a retractable glass roof.

The new expansion plan is in addition to Ibn Battuta Mall’s Phase 2 complex, currently under construction and due to open this year, Nakheel said.

The company, which posted a 43 per cent rise in net profit for 2014, has been focusing heavily on boosting its retail, leasing and hospitality businesses.

Revenue from these segments is expected to grow from Dhs1.3 billion in end-2014 to Dhs7.5 billion by end-2017, when most of the projects are expected to be completed.

Its retail developments include Dragon Mart, Ibn Battuta Mall, Nakheel Mall and Hotel, The Pointe at Palm Jumeirah, Deira Islands Mall, Jumeirah Village Triangle Mall and a number of neighbourhood malls.