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

Nakheel has also announced that Dredging International - Boskalis Westminster Middle East has been awarded the major contract for Mina Rashid. The contract worth Dh2.2 billion will include a sizeable amount of land reclamation including the construction of a breakwater and shore protection.

Dubai-based real estate developer has also revealed that the first stage of land sales at Mina Rashid has been completed. Over 20 plots have been sold to local, regional and international developers and will be handed over at the end of this year.