Dubai’s Nakheel to award USD2b deals in 2015

22 Dec 2014

(MENAFN) Nakheel, the Dubai-based developer announced it is planning to award USD2 billion worth of projects next year, as it aims to become the largest shopping Centre operator in Dubai with plans to increase its retail portfolio to about 10 million square feet, Arabian Business reported.

The company said that it will be awarding tenders for several projects, including the Deira Island Mall, which will have a shop space of about 265.000 square meters, as well as the expansion of the Battuta Mall, which will include adding 640.000 square feet of leasable area to the existing mall.

These projects will be added to the malls already underway by Nakheel, which include Nakheel Mall on Palm Jumeirah, Deira Islands Mall, and The Circle Mall at JVC and a mall at neighboring Jumeirah Village Triangle, as well as its project of expanding its Dragon Mart and Ibn Battuta Malls, and building six new neighborhood retail centers in several area in Dubai.

“For 2015, we are planning on awarding project tenders USD1.9 billion on top of the AED5.3 billion awarded this year. We do not see an impact on Dubai from the oil price situation… the property market too will be insulated as in any uncertainly investors will look to staying committed to real estate,” Nakheel’s chairman was quoted as saying.

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