Port Rashid overhaul worth $12bn

MASSIVE OVERHAUL: Investors and developers are to be briefed on projects worth a total of $12 billion at Dubai’s Port Rashid. (Getty Images)

Dubai property giant Nakheel is to brief businessmen on projects worth a total of $12 billion for its redevelopment of Port Rashid, according to a potential investor.

Developers and investors have been invited to a meeting for an overview of the project and details of investments, the source told UAE daily Emirates Business 24/7.

Operations at Port Rashid have been gradually transferred to Jebel Ali Port over recent years as the latter has grown and as Dubai’s congested roads have become more of a problem for container transport.

According to Nakheel, Port Rashid will continue to operate as the main port in Dubai for tourist and cruise vessels, with a modified cruise terminal central to the redevelopment.

The area is to be transformed into a mixed-use waterfront development housing up to 200,000 people, with the existing port expanded through land reclamation.

Projects include residential and commercial towers, a harbour and sports and leisure facilities.

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