Dubai’s Nakheel awards Palm works contract

Dubai real estate developer Nakheel has awarded a contract for ground improvement works at The Pointe, its AED800m retail and entertainment complex on Palm Jumeirah.

Nakheel said it had handed the deal to Freyssinet Gulf, for works including preparation, vibro-compaction and a topographic survey.

Work will commence before the end of July and take four months, Nakheel said, with construction on The Pointe starting at the end of 2013. The property firm did not say how much the contract was worth.

The Pointe at Palm Jumeirah will be located at the tip of the manmade Palm Jumeirah, opposite the Atlantis hotel. The project will feature shopping, dining and entertainment facilities. It expected to be completed in 2016.

Nakheel said it made a first-half net profit of AED1.2bn ($327m), up 57 percent on the same period last year.

Revenues for the first half of the year stood at AED4.23bn, up 36 percent.

It added that the results "demonstrate the continuing growth and strengthening of the real estate market in Dubai and the return of investor confidence and trust".

Nakheel said it continues to complete its near term projects and has now delivered around 6,000 properties, including around 1,400 in H1 alone, since completing its restructuring in August 2011.

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