Nakheel unveils $54m coastal initiative
Dubai, January 20, 2008
Nakheel, one of the world’s largest privately-held property developers, has unveiled Blue Communities, a Dh200 million ($54.4 million) initiative to develop sustainable coastal projects in the next three years.
Launched under the direction of Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, the initiative reflects the developer’s status as a pioneer in waterfront development.
The Blue Communities, announced at an event hosted by Sultan Ahmed bin Sulayem, executive chairman, Nakheel, is aimed at raising awareness on issues specific to coastal development, engaging thought leaders, NGOs and other stakeholders.
Speaking at the event, Sultan Ahmed said, “Blue Communities is a call to action. Almost two thirds of the world’s population live in coastal communities and a large amount of development is taking place in these locations. As such there is a need for significant investment in research, development and positive transformation of these environments.”
“The long-term aim is for Blue Communities to provide leadership in the development of sustainable coastal communities. Our investment of Dh200 million demonstrates Nakheel’s commitment to this new initiative,” he added.
The investment will fund research and development activity, and promote active engagement with international experts on the issues of sustainable development, construction, management and governance of coastal communities around the world.
The launch event, which was attended by 500 leading figures from government, industry and media, was held in a specially constructed dome on the beachfront behind Nakheel’s sales centre by The Palm Jumeirah.-TradeArabia News Service