Dubai World announces formation of Nakheel Retail
Dubai World has centralised its retail activities under the Nakheel banner following the creation of a new retail property division Nakheel Retail.
Nakheel Retail will provide planning, development and management services to the Dubai World group of companies. Previously called Istithmar Retail, the division will now operate under the Nakheel name in order to capitalise on the property development company's experience and expertise in the residential sector and to maximise the retail opportunities within its residential developments.
Projects currently being developed by Nakheel Retail include a significant retail development on The Palm Jumeirah, the roll out of local neighbourhood convenience malls within Nakheel's numerous residential developments, and further large scale regional malls to support the future The Palm Jebel Ali, Waterfront, and The Palm Deira projects.
Chris O'Donnell, Nakheel Chief Executive, said: «Dubai World is committed to the development and delivery of world-class shopping facilities to meet the varying needs of our residential customers and the ever growing tourist market in Dubai. As such, the group feels that its retail property business will be fully realized under the Nakheel name. Nakheel is a premium brand in property market and we firmly believe that the creation of Nakheel Retail as a specialised business unit will further reinforce our international reputation.»
Nakheel Retail is headed up by CEO David Thurling who has been managing Istithmar Retail for the last 14 months and has more than 20 years experience in the shopping mall industry in Australia, Asia and the Middle East. The retail property business will oversee the management of the group's premier shopping centre, the 140,000 square metre Ibn Battuta Mall, and will continue to review expansion opportunities for the popular mall.
Thurling said: «Ibn Battuta Mall is already one of the leading retail facilities in the region and it will benefit greatly from substantial population growth being driven by Nakheel's numerous residential property developments within the mall's primary trade area. In line with this, Nakheel Retail is exploring several expansion options for the mall to ensure that it remains at the forefront of shopping in the region.»
Nakheel Retail will also oversee the development of the Dubai Design Centre, planned as the region's largest shopping destination for home furnishings, appliances, DIY products and designer homewares. The project will be strategically located on Emirates Road at International City and is being designed to capitalise on the immense demand for home living merchandise in the Dubai market.
Thurling added: «With the creation of Nakheel Retail, we hope to provide sensible, commercially sustainable retail developments that will have a long term future in this market. Projects designed to be unique as well as appropriate for the trade area in which they operate.»
