Top officials of Nakheel, the real estate subsidiary of the Dubai World, will leave for Los Angeles on Friday to attract investors and developers. The visit comes during a time when a current and former employee of Nakheel are under investigation for alleged bribe-taking.
The delegation, lead by Nakheel's Chief Executive Chris O'Donnell, will continue to pursue the company's strategy of highlighting their expertise and projects to the US market. The delegation will also introduce various new investment opportunities in Dubai, including the recently launched Trump International Hotel and Tower on The Palm Jumeirah, a company statement said.
Speaking of the upcoming trip, Nakheel's Director of Sales, Marketing and Customer Service, Manal Shaheen, said: "During our visit we will focus on explaining the strengths of investing in Dubai and how, by implementing legislation, providing an attractive investment environment and offering a superior architectural experience, Nakheel has successfully managed to attract large international investors."
Nakheel already has a major presence in North America and has signed several important agreements with some of the continent's leading brands and corporations. The master developer has partnered with The Trump Organisation to develop the Trump International Hotel and Tower in Dubai. It is also developing the first Worlds of Discovery theme parks outside of the US, with SeaWorld, Aquatica, Busch Gardens and Discovery Cove set to provide major attractions on The Palm Jebel Ali by 2012.
In addition, Nakheel recently invested 20 per cent in Cirque du Soleil, the world's leading live entertainment company, together with Dubai World sister company Istithmar World.
Nakheel Hotels is also following a dual strategy of investing in key gateway cities in the US. Major investments have been made in North America, including a $375 million (Dh1,377m) investment in the world-renowned Fontainebleau Miami Beach resort, which has enhanced an existing portfolio of hotels in North America, including New York, Washington DC, Los Angeles, and Los Cabos.
However, Joe Sita, Chief Executive Officer, Nakheel Hotels, had told this newspaper in April that they were no longer looking at any acquisitions in North America. "We believe they have covered all the gateways – Miami, New York, Washington DC and Los Angeles," he had said.
According to New York-based Real Capital Analytics, Middle Eastern buyers have invested $2bn in US property this year, placing the region ahead of Australia and Europe.
In July, Abu Dhabi Investment Council completed its acquisition of a majority stake in the Chrysler Building in New York, while Boston Properties, Goldman Sachs Group and Meraas Capital paid $2.8 billion in June for the General Motors Building on Fifth Avenue.