Nakheel Built Islands, Then Realised Building Was the Wrong Business
Why the developer behind Dubai's most iconic projects pivoted to property management -and what it reveals about the future of build-to-rent.
The Palm Jumeirah required 94 million cubic metres of sand dredged from the Persian Gulf. That engineering feat made headlines globally, but here’s what didn’t: the company that built it nearly collapsed entirely in 2009, owing $16 billion it couldn’t pay.
What happened next reveals an uncomfortable truth about real estate development. Nakheel didn’t pla…
