Nakheel, one of the world’s largest real estate developers, has signed a contract valued at over Dh2 billion ($544 million) with Al Jaber Group for the construction of 740 luxury villas in Veneto, an exclusive residential district in the Waterfront project in Dubai.

Veneto has been masterplanned to create an exclusive waterside neighbourhood on the fringe of Waterfront City, the urban heart of the metropolis. As the first community to launch in the world’s largest coastal development, Veneto recently sold out its first stage of 716 villas for a value of Dh7 billion in just five days.

Al Jaber Group is a multi-tiered firm, with a construction, infrastructure, and energy project portfolio of Dh40 billion throughout the UAE and Qatar. Construction of the first stage of Veneto is expected to begin next month, with the handover for the initial villas anticipated in the second half of 2009. In total, Veneto will comprise 1,400 villas and townhouses and 1,200 low rise apartments and will eventually be home to a predicted population of 14,000.

Matt Joyce, Nakheel managing director, Waterfront said: “We are delighted to partner with Al Jaber Group to develop the very first Nakheel residences at Waterfront. The limited number of residences makes Veneto a true status address in Dubai, and the most sought-after place to live in Waterfront. It was vital therefore that we partnered with a reputable and highly respected company such as Al Jaber Group to assist with such a prestigious project.” 

Obeid Al Jaber, Al Jaber Group chairman, said: "Nakheel is not only the leading real estate developer in Dubai, but I believe the most innovative developer in the world and it is an honour to be awarded the contract to develop the first community at Waterfront. Veneto will become the very definition of prestige and exclusivity in Dubai and we are delighted to be given the task of developing the project. I hope this is the beginning of a long and prosperous business relationship with Nakheel.” -TradeArabia News Service