By Lynne Roberts
Nakheel set to brief investors and developers on its massive redevelopment of the Dubai port.
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.