By Dylan Bowman
Nakheel to turn port into mixed-use waterfront development thatwill house up to 200,000 people.
Dubai-owned property firm Nakheel on Sunday outlined plans for the redevelopment of Port Rashid, located close to the city centre.
Operations at Port Rashid have been gradually transferred to Jebel Ali Port over the last few years as the latter has grown and as Dubai's congested roads have become more of a problem for container transport.
Nakheel said the port would be turned into a mixed-use waterfront development that upon completion will house up to 200,000 people.
The redevelopment will necessitate the expansion of the existing port through land reclamation, it said.
Nakheel said Port Rashid would continue to operate as the main port in Dubai for tourist and cruise vessels and this would be integral to the redevelopment.
The developer did not reveal how much the redevelopment would cost or when it was scheduled for completion.
On Sunday Nakheel also announced 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.
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.