Madinat Al Arab’s first phase completely sold out for Dh 13 billion
2005.7.31, Dubai, UAE – The first phase of Madinat Al Arab, the planned urban downtown at the heart of Dubai Waterfront, has been completely sold out.
Adjoining Palm Jebel Ali, the project is the last remaining natural waterfront in the Emirate and is set to create a quality of sophisticated lifestyle unmatched in the world.
The phase one of the landmark project was sold out for approximately Dh13 billion within just five days of its unveiling to a select invited group of private property and investment institutions, thus breaking all previous sales records in the UAE’s property market.
Nakheel, the leading property developer in the region and owner of Dubai Waterfront, announced that the exceptional value that is offered in this integrated world-class development can be gauged from the speed with which the investment commitments have been received for Madinat Al Arab.
Envisaged in line with the vision of His Highness General Sheikh Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister, the Dubai Waterfront is an ambitious, ultramodern project, which is destined to become an international icon, ultimately serving as the gateway to the Arabian Canal. The core objective behind the development is to create a world-class destination for residents, visitors and businesses in the world’s fastest growing city.
Mr. Sultan Bin Sulayem, Executive Chairman of Nakheel and Executive Chairman of Dubai Ports, Customs and Free Zone Corporation, said: “We at Nakheel were always confident of the demand for the Dubai Waterfront project. We are delighted with such an enthusiastic response to our project from such eminent investors. This unparalleled achievement of registering a sale of Dh13 billion within five days reflects the faith everyone has in Nakheel, which has always been associated with iconic projects that deliver excellent value in this dynamic city. Last month, Dubai Islamic Bank was given the sole mandate to manage the sales and distribution process of the project.”
The Madinat Al Arab will be anchored by Al Burj – one of the world’s tallest buildings – making it a symbol of Dubai’s meteoric rise and embodies the vision and magnitude of the project. The downtown will encompass all the key components of the master plan comprising multipurpose commercial, residential, resort and amenity zones. Special attention has been given to the quality of life at the development through planned roads and other amenities that will measure up to the demands of the rising population. A unique aspect of the project is its strategic planning, where all the infrastructural aspects and access have been chalked out in the design stage itself.
The development is set to become a benchmark for integrated development and offers unmatched infrastructure and direct access to Dubai’s Sheikh Zayed Road, the Jebel Ali Free Zone, Jebel Ali Airport, the capital Abu Dhabi and has also taken into account the planned metro link-up, thus becoming one of Dubai’s unique new master planned communities.
Mr. Bin Sulayem added: “Carefully crafted and developed by an international consortium of world’s best architects and planners, we have always helped realise His Highness Sheikh Mohammed Bin Rashid Al Maktoum’s vision for the Arabian Canal and we are confident that Dubai Waterfront is destined to become a landmark destination, which will attract tourists, residents and business, creating a place like nowhere else. The project is our ongoing commitment towards building a New Dubai. With our involvement in the project, Nakheel has raised the bar to a never before seen level and we are proud to be playing a major role in building the future of the UAE.”
He added: “The Madinat Al Arab, in particular and the entire project, in general, is centred around water, something perpetually valuable and precious. It will be a world-class addition to Dubai and provide investors with one of the last opportunities to participate in a unique and unparalleled marketplace offering. The results of our first land offering bear testimony to this.”
With its iconic projects, Nakheel continues to be at the forefront of innovation in property development in Dubai. The Dubai Waterfront project has successfully wowed the world and generated tremendous interest among the world’s premier developers and investors alike.