Al Nakheel Properties
The roots of Nakheel Properties date back to the late 1990s when H.H Sheikh Mohammed bin Rashid al Maktoum, Prime Minister and Ruler of Dubai and UAE Vice President, revealed his vision to turn Dubai into one of the leading tourist destinations in the world. Dubai was already well known for its year-round sun and pristine beaches, but the Dubai coastline was limited to only 70 kilometres. H.H Sheikh Mohammed bin Rashid al Maktoum came up with the ingenious solution of building a man-made island to create more beachfront.
The concept evolved from the plan to build an island that would create 10km of beachfront to one that would provide more than 70km; from a simple round island to one that would be an iconic, complex shape; dhow boats and falcons were proposed but it was the palm design that was ideal. Its shape both maximised the amount of beachfront created, as well as being an iconic symbol of Dubai: the palm tree had for centuries been a key source of food and shelter for the people of Dubai.
After several years of feasibility studies, The Palm Jumeirah was launched in 2001 and reclamation began that year. After the launch of the second Palm (Jebel Ali), Nakheel - literally meaning “The Palms” - was born in 2003.
Al Nakheel Properties is now developing a broad portfolio of projects in Dubai across a range of sectors - residential, commercial, retail and leisure. Its developments spread across more than two billion sq ft of land, and are worth more than US$60 billion. Nakheel’s visionary projects include The Palm, a trilogy of man-made islands that take the shape of a cultural icon, The World, a collection of private islands that form a map of the continents of the world off the coast of Dubai, and Waterfront, the world’s largest waterfront development, which has received widespread international acclaim. When completed, Nakheel’s waterfront projects will add 1,000km of waterfront to Dubai.
Nakheel is part of Dubai World - a holding company that manages and supervises a portfolio of businesses and projects for the Dubai Government and works towards making Dubai a leading hub for the commerce and trading industry, as well as tourism. One of the largest holding companies in the world, Dubai World has more than 50,000 employees across five continents. Other Dubai World companies include DP World, the third largest port operator in the world, and Jebel Ali Free Zone, which is home to a network of more than 5,000 companies from more than 100 countries.