Nakheel in talks on more retail projects outside Dubai

Chairman Ali Rashid Lootah says will announce more projects across the UAE
Nakheel chairman Ali Rashid Lootah.
By Staff writer
Wed 18 Apr 2018 01:57 PM

Developer Nakheel expects to sign more deals to build shopping malls outside its home market of Dubai, after announcing its first retail project in Sharjah earlier this month.

Chairman Ali Rashid Lootah told Reuters that Nakheel is in talks with entities across the UAE over possible retail opportunities.

Speaking on the sidelines of the World Retail Congress in Madrid, he was quoted as saying: “We signed one contract for retail in Sharjah and will be announcing more for other Emirates.”

“We will be launching some new projects very soon. We’re very selective (about) what to launch, where to launch and when to launch, retail and residential,” he told Reuters.

The state-owned developer, which reported a 58 percent increase in fourth-quarter net profit in January, said earlier this month that it was partnering with the Sharjah Investment and Development Authority (Shurooq) on a new community retail centre to Sharjah.

The project - Nakheel’s first outside Dubai - has an estimated development value of AED75 million.

Under the agreement, the two organisations will create a shopping, dining and leisure hub in Sharjah’s Al Rahmaniya district.

The project will be developed by Nakheel and managed by its retail subsidiary, Nakheel Malls. Design work is underway, and details about the new project will be unveiled this year.

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