Nakheel takes on The Universe

Dubai-owned property firm Nakheel on Sunday revealed plans to develop a new mega real estate project called The Universe.

The project will consist of a cluster of manmade islands inspired by the solar system, with islands in the shape of the sun, the moon and the planets.

Previewed on Saturday at the launch of Nakheel's Blue Communities sustainability initiative, the development will stretch between two of the developer's palm island projects, the Palm Jumeirah and Palm Deira.

It will cradle another of Nakheel's manmade island projects, The World archipelago.

The Universe will cover an area of 3,000 hectares and include residential, commercial and tourism developments, according to local media reports.

It said the project is expected to take 15 to 20 years to complete, reports said.

Nakheel said engineering, feasibility and environmental studies for the project were already underway. Once the studies are concluded, a full masterplan will be created, it said.

Nakheel did not reveal any financial information about the project.

On Sunday the developer also announced plans to redevelop Port Rashid, located close to the city centre.

Nakheel said the port would be turned into a mixed-use waterfront development that upon completion will house up to 200,000 people.

The Universe and Port Rashid redevelopment will be flagship developments of the Blue Communities initiative, which aims to raise awareness worldwide about the environmental impact of coastal development.

Nakheel said it plans to invest 200 million dirhams ($54.5 million) over the next three years on promoting sustainable coastal development through the initiative.

Nakheel, part of conglomerate Dubai World, is developing three palm-shaped islands, The World and a beachfront development and collection of islands called Dubai Waterfront along the emirate's coast.