Under the Direction of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Nakheel announces its initiative for Better Coastal Futures

Nakheel to invest AED200 million over three years in sustainability initiative, Blue Communities

Dubai, 20 January 2008: Nakheel, one of the world's largest privately-held property developers, has unveiled its plans for a major sustainability project, Blue Communities, launched under the direction of HH Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.

The Blue Communities initiative was announced last night (19 January) at a VIP event hosted by Sultan Ahmed bin Sulayem, Executive Chairman, Nakheel.

Reflecting its status as a pioneer in waterfront development, Nakheel is committing AED200million over three years, plus its expertise and experience, to raise awareness of issues specific to coastal development, engaging thought leaders, NGOs and other stakeholders to take an active role in developing the Blue Communities initiative.

Speaking at the event, Sultan Ahmed bin Sulayem, Executive Chairman, Nakheel said:

"It is our honour to launch Blue Communities, under the direction of His Highness Sheikh Mohammed.

Blue Communities is a call to action. Almost two thirds of the world's population live in coastal communities and a large amount of development is taking place in these locations. As such there is a need for significant investment in research, development and positive transformation of these environments. The long term aim is for Blue Communities to provide leadership in the development of sustainable coastal communities

Our investment of 200 million dirhams demonstrates Nakheel's commitment to this new initiative."

The investment will fund research and development activity, and promote active engagement with international experts on the issues of sustainable development, construction, management and governance of coastal communities around the world.

"Nakheel is still a young company, formed in 2001, yet in that short time, we have achieved a great deal. We are known worldwide as an innovator, building icons and landmarks for the future. We are a leader in the region and internationally and we have written the rulebook on waterfront development. We now want to take that pioneering approach and apply it to the creation of Blue Communities."

The launch event, which was attended by 500 leading figures from government, industry and media, was held in a specially constructed dome on the beachfront behind Nakheel's Sales Centre by The Palm Jumeirah.

The principles of Blue Communities also underpin two incredible new projects previewed at the event in their initial concept stages. These projects will be unveiled by Nakheel at TDIM 2008 (Tourism Development project & Investment Market) event, which opens today (20-22 January 2008).

Nakheel will play a key role at the first ever TDIM exhibition, with the largest stand in the company's history. Nakheel's new waterfront developments will feature in two large domes situated within the stand. Nakheel will also unveil a 13 metre-long scale model of Dubai with an updated show, detailing the role the waterfront has played in the growth of Dubai and the major role Nakheel has played in developing its vision.

All of Nakheel's waterfront projects will be displayed at the exhibition, including another recent addition to Nakheel's diverse portfolio of projects, Dubai Promenade. A model of this newly launched waterfront community will allow visitors to see how Dubai Promenade will create a virtual peninsula along the emirate's shoreline, anchored by a spectacular wheel-shaped five-star hotel.

-Ends-

Notes to editors
- All information provided is correct at time of printing/release

- As masterplans for projects have the flexibility to evolve, facts and specific statistics may change in the future. Please ensure you contact us on a regular basis on nakheel@fourcommunications.com for regular updates or visit the online Nakheel Media Centre at www.nakheelmediacentre.com

- All rendered images are conceptual

About Nakheel
Nakheel is one of the world's largest privately held real estate developers, and a key player in realising the vision of Dubai for the 21^st century: creating a world class destination for living, business, and tourism.

Nakheel is developing an iconic portfolio of innovative landmark projects in Dubai across a range of sectors - residential, commercial, retail, and leisure. Nakheel's developments spread across more than two billion sq ft of land, and its projects are projected to be worth US$60 billion. Upon completion Nakheel's waterfront projects will have added more than 1000km of shoreline to Dubai's coastline.

Nakheel's portfolio currently includes The Palm Jumeirah, The Palm Jebel Ali, The Palm Deira, The World, Waterfront, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Jumeirah Heights, The Gardens, Discovery Gardens, Ibn Battuta Mall, Al Furjan, International City, Dragon Mart Complex, Dubai Promenade, and Dubai Design Centre.

Nakheel is a key entity within Dubai World. Dubai World is one of the world's largest holding companies and supervises a portfolio of businesses and projects for the Dubai government across five continents and more than 100 countries.

Further information can be found at www.nakheel.com.

For more information please contact:
Four Communications
Nakheel@fourcommunications.com
Tel: +971 (0)4 362 5129 / +44 (0) 870 444 4568

Nakheel
Aaron Richardson, Media Relations Manager
+971 4 368 6946 / +971 (0)50 553 8201
aaron.richardson@nakheel.com