Developer Nakheel had recently announced its first retail project in Sharjah. Although Dubai serves as Nakheel’s home market, now the developer is intending to expand its business outside Dubai as well. It is in fact eyeing more deals to build shopping malls outside Dubai.
According to Chairman Ali Rashid Lootah , Nakheel is in talks with entities across the UAE over possible retail opportunities.
He said, “We signed one contract for retail in Sharjah and will be announcing more for other Emirates. We will be launching some new projects very soon. We’re very selective (about) what to launch, where to launch and when to launch, retail and residential.”
Nakheel reported a 58 percent increase in fourth-quarter net profit in January. The company even announced earlier this month that it was partnering with the Sharjah Investment and Development Authority (Shurooq) on a new community retail centre to Sharjah, a project worth AED75 million.
Under the agreement, the two organizations will create a shopping, dining and leisure hub in Sharjah’s Al Rahmaniya district. The project will be developed by Nakheel and managed by its retail subsidiary, Nakheel Malls. Design work is underway, and details about the new project will be unveiled this year.
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