Nakheel aims to build on Dubai’s expansion plans

Dubai developer's chairman Ali Rashid Lootah unveils plans for two towers next to Ibn Battuta Mall set for completion in 2019.

Ibn Battuta Residences, Nakheel’s new twin-tower residential project was unveiled at Cityscape Global. Courtesy Nakheel

Ali Rashid Lootah, the chairman of Nakheel, is banking on the expansion of Dubai's new airport, the Expo 2020 and an expansion of Jebel Ali Port to fuel demand for thousands of new apartments the company plans to build in emirate's southern districts.

Speaking at the Cityscape Global property show yesterday in Dubai, Mr Lootah unveiled images for Ibn Battuta Residences, two towers of 531 apartments next to Ibn Battuta Mall, which the company plans to complete at the end of 2019.

Nakheel is already planning to expand its leasing portfolio from about 18,000 homes at the moment to about 36,000 over the next five years.

__________

Photo gallery

■ New property projects at Cityscape Global 2016 in Dubai – in pictures

__________

Earlier this week, the company announced plans to build more than 15,000 homes in 42 towers at its new Jebel Ali Gardens project.

Despite the fact that property brokers calculate that rents in Dubai have fallen slightly since the start of the year as the city’s economy slowed, Mr Lootah said that Nakheel’s existing rental portfolio is currently 97 per cent occupied.

Rents in Nakheel’s portfolio are holding steady and prices are at the same level as of 2014, he said.

“People are still coming to Dubai and they are still buying,” Mr Lootah said.

“Brexit has had no impact on our sales. We are creating jobs because of all the retail we are opening.”

Follow The National's Business section on Twitter