Dubai-based Nakheel is a world leading developer whose projects have helped to put Dubai on the global map. Its innovative, landmark projects – including the world-famous Palm Jumeirah – form an iconic portfolio of master communities, residential, retail, hospitality and leisure developments that are a major contributor to Dubai’s vision.
Nakheel’s projects span 15,000ha, accommodate nearly 300,000 people and provide a growing range of destinations, attractions and facilities for Dubai’s residents and tourists. Nakheel Malls, the retail arm of Nakheel, is the Middle East’s largest retail developer, with 17.5 million square feet of leasable space across a range of large-scale destination malls and souks, entertainment destinations and community shopping centres. Among them: the world-famous Ibn Battuta Mall and Dragon Mart, the recently opened Pointe at Palm Jumeirah and the upcoming Nakheel Mall, which is nearing completion at the heart of Palm Jumeirah.
Its growing hospitality project portfolio comprises 18 hotels and serviced apartment developments across Dubai, with over 6,600 rooms and hotel apartments between them. The range includes luxury hotels, beachfront resorts, mid-range offerings and budget accommodation, with joint ventures with international operators to bring new concepts to Dubai. Two Nakheel hotels are currently open and operational while three are due to open this year and the rest are at various stages of construction and development.
In the last 12 months, Nakheel has awarded construction contracts worth almost USD2bn, opened the USD220M waterfront dining and leisure destination, The Pointe at Palm Jumeirah and launched two residential projects: Dragon Towers and Jumeirah Park Homes. Significant construction progress was made on several projects, including The Palm Tower and Nakheel Mall on Palm Jumeirah and The Night Souk and RIU Resort at Deira Islands. The company’s focus has been on expanding its hospitality, retail and leasing divisions – which account for more than 40 per cent of total revenue already – whilst still continuing to grow.
Nakheel Mall and The Palm Tower are two interlinked projects under development at the centre of the world-famous Palm Jumeirah. At an advanced stage of construction and due to open this year, USD300M Nakheel Mall has 350 shops, restaurants and leisure attractions across five floors, plus three underground parking levels with 4,000 spaces. The mall’s unique design also features a 25m high crystal dome that straddles the Monorail station, two waterfalls plunging 20m into the mall, two fountains and a rooftop dining deck with island and water views. But its star attraction is its public viewing deck, located at the top of the adjacent Palm Tower, providing 360 degree views of Palm Jumeirah, the Arabian Gulf and Dubai skyline. Visitors to the viewing deck will enter through the mall and ascend 240m to discover some of the most spectacular views Dubai has to offer.
Construction of the mall is advanced, with the structure and its key features – such as the crystal dome and waterfalls – complete. Inside, flooring and glass installation is done, with many retailers currently at the fit-out stage. Landscaping work around the mall is also under way.
Next door, the USD300M Palm Tower, which is directly connected to the mall, is also nearing completion. The tower comprises a St Regis hotel, luxury apartments, one of the world’s highest rooftop infinity pools, a sky restaurant and, at its peak, the public viewing deck which is accessed through Nakheel Mall. Nakheel Mall is linked by tunnels to several neighbouring towers – providing convenient shopping and leisure facilities for the 87,000 people who live on the island. It’s also a new destination and attraction for residents in other parts of Dubai and the UAE, and the millions of tourists who visit the country each year.
Nakheel Mall is one of an array of projects in the company’s USD6bn retail expansion pipeline, which will add 12 million square feet of leasable space to the five million square feet already in operation. Nakheel’s overall project pipeline amounts to USD16bn, with a vast range of developments, including master communities and residential, retail and hospitality offerings, at various stages of construction and development across Dubai. Several will be delivered in the next 18 months, with others to be completed in the next three to five years. All are in line with the Dubai government’s tourism vision, which aims to bring 25 million visitors to the emirate by 2021.
Nakheel’s projects continue to set new standards in cutting edge creativity and innovation in locations that are second to none. One of the company’s major focuses right now is at Deira Islands, the new waterfront master development that is set to bring another world-class destination for living, tourism and leisure to Dubai – and add 40km of new coastline and beaches in the process. Nakheel has invested USD2.45bn in infrastructure and construction contracts to Deira Islands so far, with more to come.