Nakheel, one of the world’s largest and most innovative real estate developers, has revealed the latest progress at its most recently launched coastal development in Dubai, which includes the completion of stage one of land sales and a major contract award.

According to the report, revealed as a project in January this year, the redevelopment of Port Rashid has been named Mina Rashid. The redevelopment will build on the culture and heritage of the original port and will be a tribute to the memory of His Highness Sheikh Rashid bin Saeed Al Maktoum, the father of modern day Dubai.

As per the report, Nakheel has also announced a major contract win at Mina Rashid awarded to JV, Dredging International Boskalis Westminster Middle East. The contract, worth AED 2.2 billion will include a sizeable amount of land reclamation including the construction of a breakwater and shore protection.

The report said that a total of approximately 86 million meters cubed of sand will be dredged reclaiming 540 hectares of new land. Work will start immediately and will be completed within a period of two and a half years.

It said that developer has also revealed that the first stage of land sales at Mina Rashid has been completed. Over twenty plots have been sold to local, regional and international developers and will be handed over at the end of this year.

The report further added that Nakheel recently invited a number of developers to look at its redevelopment plans for Port Rashid and available plots were sold out in a matter of weeks.