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25 April 2024

Port Rashid in $12bn redesign

By Hamed Al Sewerky



Nakheel has invited a large number of businessmen, developers and investors in the contracting and real estate sectors to look into its most recent project – the massive redevelopment of Port Rashid – which is likely to see investments worth $12 billion (Dh44bn).

The area will be completely redesigned to change the skyline to towering skyscrapers and luxury resorts from the present view of massive cranes and huge ships. Once completed, the in-city stretch of the coast will be transformed into a major tourism attraction and lifestyle offering with residential, commercial and hospitality projects boasting iconic structures.

The proposed redrawing of the area includes land reclamation projects adding to the city’s coastline. The reconstructed project will accommodate about 200,000 people.

During the meeting to be held soon, potential investors will be briefed on the redesign, including additional land reclaimed from the sea. The master developer aims to give businessmen a general idea of the project, its area and the nature and cost of investments.

A potential investor who has information on the project told Emirates Business that Nakheel will offer projects worth a combined total of $12bn to be developed by investors and developers.

The mixed-use projects include residential and commercial towers, a yacht harbour and sports and entertainment facilities. Nakheel will master-develop the area creating the infrastructure, which will include filling up part of the port with earth and enlarging the surrounding land area.

Tenants at Port Rashid have received notices to evacuate the port. However, the cruise terminal has been retained as part of the new development designs, but may undergo some modifications.

During the past few years and especially in recent months, operations at Port Rashid have been gradually moved to Jebel Ali Port. The former premier port of the Gulf was constrained as the city grew around it and led to traffic congestion. The redevelopment of Port Rashid Port along with The Universe comes in line with the initiative that Nakheel called Blue Communities.