Sunday, July 15, 2007

Nakheel to spread its wings overseas

Nakheel, the Dubai-based developer, has opened its international branch, to develop waterfront projects abroad.

Nakheel, though yet to expand outside the UAE, will initially begin transactions within the next six months in a country, which is located at a flying radius of five to six hours from Dubai.

"Nakheel has already earned reputation internationally for development of world-class waterfront projects. There are also plenty of opportunities in the international market across the Dubai World group, wherein Nakheel could make use of its experience in water-based projects," a representative said.

"The international strategy will merge with the strategy of Dubai World, once the first transaction takes place within the next six months. The markets that are currently being considered are at a flying radius of five to six hours," he added.

Nakheel will soon be following the footsteps of companies such as Emaar and Damac, which have already invested billions of dollars into real estate market overseas.

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