Nakheel to showcase AED58bn worth of projects at Dubai Property Show in London
The firm will...
The Dubai-based property developer, Nakheel, has revealed it will be showcasing AED58bn (US15bn) worth of real estate projects in the UK.
The firm will showcase its projects at the Dubai property Show at the London Olympia in the west of the capital city.
Nakheel, which is the platinum sponsor and largest developer at the event, will display its living and leisure offerings.
“The Dubai Property Show is a golden opportunity to showcase our projects to an audience that is already our third largest group of investors outside the Middle East,” stated Aqil Kazim, Chief Commercial Officer at Nakheel.
“We are proud to be back as Platinum Sponsor to represent Dubai and all it has to offer. The city’s world-famous projects and enviable lifestyle are already well-known among UK citizens, with many calling it their second home, but we are boosting British investment and strengthening Dubai’s relationship with this part of the world even more through this show and other initiatives.
“Dubai is a magnet for expatriates to live and work in the emirate. These people need accommodation, creating a huge demand for rental properties, which offer impressive investment returns of six per cent and over.”
More than 29,000 citizens in Britain have invested a total of AED88bn ($24bn) in property in the UAE city, according to the Dubai Land Department.
Webuild and Lane to build railway in Texas
Webuild, formerly known as Salini Impregilo, has announced a US$16bn agreement to build a high-speed railway between Dallas and Houston in Texas. The project has been described as the “final step” before financial closure for the company, which Webuild said was“foreseen in the coming months”.
Passengers using the 236-mile long railway, which was developed by Texas LLC, will travel in Japanese Tokaido Shinkansen bullet trains at 200mph, making one scheduled stop at Brazos Valley near Texas A&M University. This aims to shorten the total journey time between the two terminals from almost four hours to around 90 minutes, Texas LLC claims. The company hopes commercial operations will begin in 2026.
According to Webuild, the new line will aim to target an estimated 100,000 “super commuters” who travel between the two cities by car and plane every week. Webuild said it would cut greenhouse gas emissions by up to 101,000 tonnes per year.
This contract is an update on a preliminary design-build agreement signed with Texas Central LLC in 2019, valued at $14bn. The deal confirms the US as Webuild's single biggest market, comprising some 35% of the group’s total order backlog.
Around 17,000 new direct jobs will be created as a result of the project, as well as 20,000 indirect ones. U.S. suppliers from states aim to provide an estimated US$7.3bn of materials to construct the railway in conjunction with services provided by Italian suppliers.
Webuild and Lane will oversee the civil engineering works of the project. This includes the tracks themselves, the viaducts, and depot buildings.
Three facts about bullet trains
- The fastest commercially operated bullet train is not in Japan, but China. It is capable of reaching speeds of up to 268mph… with passengers onboard.
- Bullet trains are one of the safest ways to travel. Over 10bn passengers have been on board a bullet train and no-one has ever been killed on one.
- The “tunnel boom effect” is powerful enough to blow a freight train over. When a bullet train exits a tunnel at over 200mph, the resulting sonic boom effect is so strong, it could blow a normal freight train off its tracks.
Image: Texas Central LLC.