Nakheel Properties
Nakheel properties is part of a portfolio of businesses that serve the Dubai government and is supervised by Dubai World, which is an investment company with a mandate to expand Dubai’s sphere of influence by growing it’s property portfolio, both in Dubai and around the world. Nakheel is effectively privately owned and plays the part of luxury real estate developer. Nakheel has created several residential and land reclamation projects including the Palm Islands and The World developments.
The World is a man made archipelago 300 islands in the shape of a world map off the coast of Dubai using sand dredged for the ocean bed. When complete, The World will cover an area of 54 square kilometers and be surrounded by a breakwater. Each individual island will be between 14,000 and 42,000 square meters, ranging in price from $6- $36 million. Two of the many celebrities buying into the development are Brad Pitt and Angelina Jolie.
Other properties in Nakheel’s real estate portfolio include the Palm Islands, The Dubai Waterfront, The Gardens, Jumeirah Lake Towers, Discovery Gardens, Lost City, Jumeirah Islands, Jumeirah Village, The International City, Jewel of the Palm, The Palm Golden Mile, Palm Trump International Hotel and Tower, and Ibn Battuta Mall.
Some doubts have been expressed as to the possible negative environmental impact of Nakheels’ reclamation projects, but they remain closemouthed.
In January, 2008, Nakheel announced two more ambitious developments: The Universe, another offshore creation similar to The World with islands in the shape of the sun, the moon and the planets; and the redevelopment of Port Rashid.
The purchase of the Queen Elizabeth II for $100 million by another part of Dubai World, Istithmar, will see the cruise ship permanently berthed in The Palm Jumeirah, another of Nakheel’s luxury real estate developments.
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