Nakheel tells Waterfront investors to be cautious

Developer reminds investors that list of who will own 49% stake is not finalised

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By  Eudore Chand Published  March 26, 2005

Nakheel seems to be having some difficulty in stopping investors in its 51% held Dubai Waterfront Company from going public. In a recent statement, the developer of one of Dubai’s major projects “advised” investors against announcing details of their selection. “Nakheel has clarified that the list of investors who will own a 49% stake in the Dubai Waterfront Company is still being finalised and will be announced shortly. DWC has advised potential investors against issuing individual public statements on deals regarding their investments in the project, as the company will announce the full list of investors when the agreements are finalised,” according to the statement. It quoted Nakheel and DWC executive chairman, Sultan Ahmad bin Sulayem, as saying that “with such a path-breaking and visionary project, it was essential to assess the credentials of potential investors very stringently”. The final list will be drawn up after taking into consideration factors like innovative ideas, value addition, expertise and the financial background of potential investors. “Dubai Waterfront is the biggest of its kind in the world. The master plan is being developed with the objective of having investors from different fields, so that we can make use of their collective expertise to achieve our goal of creating a developmental milestone and a new commercial hub for Dubai,” said bin Sulayem. DWC is being developed as a new gateway to the emirate of Dubai. The first phase of the new project will mainly focus on developing the Madinat Al Arab, which will be the heart of a new city. The centrepiece of the project will be Al Burj, set to be one of the tallest buildings in the world. Acording to estimates, Dubai Waterfront’s population will exceed 400 000 after completion of the entire project. The DWC forms the first phase of a larger project, called the Arabian Canal, which will be 75 kilometres long. DWD is an 81 million m2 beachfront mixed-use development, encompassing over 250 master planned communities. It will feature a mixture of residential, retail, hotel, office and industrial offerings, in addition to common areas that will be reserved for educational, cultural, health and recreational purposes. It is being touted as the world’s largest waterfront development and will be situated 35 km south-west of Dubai, bordering Abu Dhabi, on the last remaining coastal waterfront of the emirate. Acording to Nakheel, the details of Dubai Waterfront have been developed by a team of the world’s best architects, planners and urban developers. Dubai Waterfront will serve as the primary entrance to the Arabian Canal, and will encompass the palm Jebel Ali.

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