According to Al-Bayan newspaper (June 27, 2005), Mr. Sultan Ahmad Bin Sulayem, CEO of Nakheel, the UAE's leading property developer, revealed that Nakheel is currently developing and building 60,000 residential units for low and medium-income families in the UAE.
The CEO described the currently rising real estate rental costs in the UAE as a temporary phenomenon. In the next two years, new real estate projects will be opened, and thus, the real estate rental costs will decline to reasonable levels, the CEO said. He also said that Nakheel receives many proposals to invest outside the UAE, yet, it prefers not invest outside he UAE at this stage particularly since these proposals do not satisfy Nakheel's ambitions.
