Nakheel increasing its retail portfolio

RetailME Bureau

Dubai-based master developer Nakheel is reportedly set to tender several big projects next year worth nearly $2 billion with plans to increase its retail portfolio to about 10 million sqft.

The company will reportedly seek bids in January for its Deira Island Mall, which will have a shop space of about 2.8 million sqft. Another major tender will be for adding 640,000 sqft of leasable area at Ibn Battuta Mall. The developer is also expanding Dragon Mart and bringing six new neighbourhood retail centres – the first two of which opened earlier this year – to several communities across Dubai.

Last month, the company fully leased 5,300 outlets at its Deira Islands Night Souk within a week of its launch, and all 1,000 shops at Warsan Souk near International City on launch day. New malls underway by Nakheel include Nakheel Mall on Palm Jumeirah, Deira Islands Mall, The Circle Mall at JVC and a mall in Jumeirah Village Triangle.