Dubai ruler approves $898m Nakheel projects

Sheikh Mohammed orders start to work on Nakheel Mall, The Pointe on Palm Jumeirah

Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum has ordered work to start on two major Nakheel projects on the Palm Jumeirah.

Sheikh Mohammed, also vice president and prime minister of the UAE, gave the directive after being briefed on plans to build the Nakheel Mall and the Pointe.

The two projects will cost a total of AED3.3bn, news agency WAM reported on Saturday.

The Nakheel Mall project will be built on the beachfront at the bottom of the trunk of the Palm Jumeirah at a cost of AED2.5bn.

Ali Rashid Lootah, chairman of Nakheel, briefed Sheikh Mohammed about components of The Nakheel Mall, which stretches over a land area of one million square feet.

Sheikh Mohammed also ordered the commencement of The Pointe project, overlooking the Jumeirah Beach hotel and the Atlantis resort at a cost of AED800m.

The Pointe will include shops, computer-controlled fountains, a marina and a public walk on the tip of the palm-shaped island.

WAM said Sheikh Mohammed expressed his satisfaction with the engineering designs and instructed the addition of new attractive elements to woo tourists and investors from around the world.

He was quoted as saying: "We want Dubai to be on top in all of its projects because excellence remains forever."

Debt-ridden developer Nakheel announced a 57 percent profit surge to AED2.017bn for the year ending December 31 2012.

The company also saw  revenues come in at AED7.8bn, up 91 percent over the same period.

Nakheel's plans for 2013 include the handover of around 3,000 units to customers, investment of AED6.5bn in new projects to be completed over a three year period, expansion of Ibn Battuta Mall and continued enhancement of existing communities with local facilities including shopping centres and parks.

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Posted by: Red Snappa

A sniff of recovery in the property sector and it's already an industry becoming remarkably over indulgent in new projects again, finishing other developments where customers have paid their money with nothing to show for it, might be a more prudent example to set. Client sentiment and restoring a reputation, you know all the old fashioned, well mannered, ethically biased working practices!!

Some parts of the market are beginning to overheat again, if the claim that some prices have gone up 30% in a year is to be believed, which takes us right back to the calamity zone in but a short while.

Posted by: Abdulla

Trying to jump start a dead real estate engine

Posted by: Douting Thomas

Nakeel track record is so negative that it will hard to sell this project to investors. The mall will have hard times attracting people without a well thought mix of supermarket, restaurants and leisure shops for the youngsters. A good view on the sea and a good mix of indoor and outdoor walking possibilities to avoid the disaster of JBR walk who is a pollution capital. Can not see the sea, can not seat outside due to car fumes and noise. JBR Walk mistakes should be avoided. I hope Nakheel can get something right this time but doubt it.

Posted by: Singh

LOL !!!

Posted by: Greydog

The Nakheel Mall is halfway down the trunk, not on the beach - or even close. The Pointe is at the tip of the Palm trunk, across the bay from Atlantis and hence does not overlook Jumeirah Beach Hotel.

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