Dubai developer Nakheel targets Chinese businessmen with Dragon Mart expansion
Sanjay Manchanda joined Nakheel as a consultant to advise the company through its US$16 billion debt restructuring programme, which was completed in August 2011. He assumed the role of chief executive in 2012
Born in Vienna and educated in India, Sanjay Manchanda is a fellow member of the Institute of Chartered Accountants of India. He joined Nakheel as a consultant to advise the company through its US$16 billion debt restructuring programme, which was successfully completed in August 2011. He assumed the role of chief executive in 2012. During his tenure, Nakheel delivered on its revised business plan two years ahead of time and repaid its bank debt of US$ 2.2 billion four years ahead of schedule. Prior to joining Nakheel, Manchanda spent 25 years working in the Middle East as a partner with global accounting advisory firm PricewaterhouseCoopers (PwC), where he was instrumental in concluding the financial restructuring of jewellery retailer Damas.
Can you tell us more about Nakheel and what kind of projects it has?
Nakheel is one of the world’s leading developers and a major contributor to realising the vision of Dubai for the 21st century – creating a world class destination for living, business and tourism. It continues to deliver and enhance an iconic portfolio of innovative landmark projects in Dubai across the residential, retail, hospitality and leisure sectors. Its master developments, including Palm Jumeirah, The World, Deira Islands and others, span more than 15,000 hectares and currently provide homes for more than 200,000 people. The developer has nearly 21,000 residential units under construction or in the pipelines. Dragon Mart [phase] one and two is part of its project portfolio of more than 15 million square feet of leasable space, and its growing hospitality project portfolio comprises 10 hotels at various locations in Dubai, including Palm Jumeirah, Deira Islands, Ibn Battuta Mall and Dragon City.
What made the firm decide to build Dragon Mart catering to Chinese businessmen?
Nobody can ignore the factor of China as it is a large economy. One of the main themes to promote Dragon Mart was to allow our neighbours to experience trading with Chinese companies.
Dragon Mart is the world’s biggest trading hub outside mainland China. What kind of visitors are interested in visiting the complex?
