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Madinat Al Arab generates Dh13b in first-phase sales

- July 30, 2005, 2:07 am

The project was unveiled by Nakheel, owner of the Dubai Waterfront, to a group of private property and investment institutions. “We are delighted to have such an enthusiastic response from such eminent investors,” said Sultan Bin Sulayem, executive chairman of Nakheel and the Dubai Ports, Customs and Free Zone Corp.

“This unparalleled achievement reflects the faith everyone has in Nakheel which has always been associated with iconic projects.”

Dubai Islamic Bank was given the sole mandate last month to manage the sales and distribution of the project.

Located 35 km southwest of Dubai, the Dubai Waterfront forms the first phase and the gateway to a larger effort — the Arabian Canal, a 75 km development. Adjoining Palm Jebel Ali, the project is the last remaining natural waterfront in the emirate.

Nakheel feels the development is set to become a benchmark for integrated development. It offers direct access to Shaikh Zayed Road, the Jebel Ali Free Zone, Jebel Ali Airport and Abu Dhabi. Connection to the upcoming metro link has also taken into consideration.

“The project is our ongoing commitment towards building a New Dubai,” Bin Sulayem said.

The Madinat Al Arab will be anchored by Al Burj — one of the world’s tallest buildings — making it a symbol of Dubai’s property boom.

The downtown will encompass all the key components of the masterplan comprising multi-purpose commercial, residential, resort and amenity zones.

Nakheel’s portfolio includes The Palm Jumeirah, The Palm Jebel Ali, The World, Jumeirah Islands, The Gardens, Ibn Battuta Shopping Mall, Discovery Gardens, Jumeirah Lake Towers, International City, Jumeirah Village, The Lost City, Nakheel Golf and The Palm, Deira.

Source - Gulf News

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