Why did Nakheel recently launch a new development company, Tahiya, with Dubai Islamic Bank?
At Nakheel we have over 3.5 billion square feet of land to be developed. If we want to develop it in reasonable time frame, we are better to involve a whole range of sub-developers. The development we are looking to do in Dubai over the next 20 years, there is a shortage of good quality sub-developers. Going into a joint venture with DIB, where we provide the development expertise and they provide the financial expertise, it creates a very strong partnership. Ultimately, we see this company as being a strong, stand-alone sub-developer who potentially one day could be an IPO as a development company. The first two projects will be residential and both in Dubai on Nakheel land in International City and Jumeirah Heights. Construction will start in the next six months. How many projects are being developed on this 3.5 billion square feet? We have 17 projects. The definition of our projects is quite different. I come from Australia where a project is one building, 20,000 square feet. But ou
