Nakheel looking to partner with Indian retail brands
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Ving in a strong way in retail and hospitality,” said Ali Rashid Lootah, the chairman of Nakheel, who was in Mumbai for the three-day Dubai Property Show that opened on Friday. “We don’t have many Indian retailers in Dubai but a lot of Indian brands are becoming more and more known regionally and internationally. We are trying to get them to come to Dubai. We have these old relations with India and we are trying to capitalise on that.”
Mr Lootah said he would be keen for an Indian partner to invest in a joint venture in a three- to four-star hotel project. He added that the company had been talking to one potential partner, although nothing had as yet materialised.
The Dubai developer already has three joint venture partnerships for projects. It has partnered with Spain’s RIU Hotels and Resorts for a 750-room, four-star beachfront resort and with Thailand’s Minor Hotel Group for a 500-room Avani resort. A few days ago it emerged that Nakheel would join forces with Thailand’s Centara for a 550-room resort on Deira Islands.
Nakheel has 10 hotels in the pipeline, including a luxury hotel as part of its Palm Tower project.
It is also aggressively developing new shopping centres, including Nakheel Mall, Deira Mall, and Al Khail Avenue.
Nakheel showcased $4.6 billion worth of projects, in terms of construction costs, at the exhibition in Mumbai, including its Deira Islands development and various projects on the Palm Jumeirah. Indians make up about 11 per cent of Nakheel’s customers, having bought almost 4,400 villas, apartments, and land plots worth about $2.5bn in total, according to figures from the company.
Mr Lootah said that Nakheel would consider investing in India if it found the right partner and project.
The company is hoping to unveil a partnership on a project in Riyadh soon, Mr Lootah said, although with the deal yet to be signed he was unable to share details.
“In Saudi Arabia we are talking to a big developer and we would like to be a development manager, passing on our know-how,” he said.
The mixed-use project covered a “huge, huge area” and would “hopefully” be announced in a couple of weeks, he said.
Questions & Answers
Q.What is the primary reason Nakheel is looking to partner with Indian retail brands?
What is the primary reason Nakheel is looking to partner with Indian retail brands?
Nakheel aims to bring Indian brands to Dubai as they are becoming more widely recognised regionally and internationally. The company is trying to capitalise on its existing relations with India.
Q.What is Nakheel's current approach to hotel development, and who are their existing partners?
What is Nakheel's current approach to hotel development, and who are their existing partners?
Nakheel has 10 hotels in the pipeline and already has three joint venture partnerships for projects. These are with Spain’s RIU Hotels and Resorts, Thailand’s Minor Hotel Group, and Thailand’s Centara.
Q.Has Nakheel previously had success attracting Indian customers for its property developments?
Has Nakheel previously had success attracting Indian customers for its property developments?
Yes, Indians make up about 11 per cent of Nakheel’s customers. They have purchased nearly 4,400 villas, apartments, and land plots, totalling around $2.5 billion in value.
Q.Is Nakheel considering expanding its operations into other countries, and if so, where?
Is Nakheel considering expanding its operations into other countries, and if so, where?
Yes, Nakheel would consider investing in India if it found a suitable partner and project. It also hopes to announce a partnership on a mixed-use project in Riyadh, Saudi Arabia, soon.
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