International Finance
Real Estate

Dubai’s Nakheel explores Vietnam real state development, hosts officials

Nakheel explores opportunities in Vietnam real estate
Both parties discussed how Vietnam could benefit from the Emirati company’s real estate expertise

Dubai-based property developer Nakheel recently held talks with the Vietnamese vice president and her government delegation on launching real estate projects in Vietnam.

Madame Dang Thi Ngoc Thinh, Vice President of the Socialist Republic of Vietnam and Ali Rashid Lootah, chairman of Nakheel met at Nakheel’s headquarters in Dubai, according to Arabian Business.

The Vietnamese Vice President and her delegation learned about Nakheel’s technological prowess and how Nakheel’s creativity and innovation continue to set new standards in master planning, waterfront development, and urban design.

While Nakheel explores Vietnam’s real estate potential, Limitless, Nakheel’s sister company, is already developing the Dh2 billion, 126 hectare, tourism-focused Halong Star project in Vietnam. The project is estimated to be worth $550 million.

Overlooking the UNESCO World Heritage Site on Vietnam’s north-east coast, Halong Star includes a 250-room five-star hotel, a luxury hotel with 100 rooms and 226 villas, as well as 114 apartments and a commercial centre. With work still in progress, Halong Bay expects to attract 15 million guests a year by 2020.

Madame Dang Thi Ngoc Thinh lauded the United Arab Emirates, Nakheel, and Limitless Group in particular, for seeing potential in Vietnam’s real estate market.

The vice president expressed her delight with regard to Vietnam-UAE cooperation over the years, highlighting the fact that the UAE has become one of Vietnam’s leading partners in the Middle East.

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