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Dubai developer Nakheel has awarded a AED105m ($28.6m) contract to carry out beach profiling work on Palm Jumeirah island.
The contract has been awarded to Dutch company Van Oord International and work will start in the third week of September and be completed in seven months time, Nakheel said in a statement published by state news agency WAM.
According to the indebted state-owned developer, Van Oord International will be "using prime quality sand on the eastern and the western edges of the Palm Jumeirah's trunk... as well as handle the re-profiling of the water edge along (some of) the Palm Jumeirah island's fronds."
Back in 2009, Nakheel strenuously denied reports in the international media that its landmark Palm Jumeirah island was sinking into the Arabian Gulf.
European ground survey firm Fugro NPA Ltd had said that the island was sinking by an average of 5 millimetres a year, a claim rejected by Nakheel as “wholly inaccurate”.
Last month, Nakheel said it had sold a plot of land on Palm Jumeirah for AED400m ($109m).
The 305,704 sq ft plot was bought by a local investor the company didn’t identify.
Nakheel said the sale showed there were "clear signs of renewed investor confidence in Dubai real estate and in particular for unique products such as those offered on Palm Jumeirah".
In July, Nakheel said its first-half profits jumped 36 percent on Monday, buoyed by property handovers on several projects.
Nakheel, whose extravagant developments at the height of Dubai's property boom contributed to the emirate's debt woes, has been slowly recovering from the crippling real estate collapse.
The developer said net profit was AED767m ($208.82m) in the first six months of the year, up from AED562m in the year-ago period.
As much as I love the UAE, this will be a problem for them in the future. Lets look at this from any democratic Country on Earth. If I decided not to turn... more
Wednesday, 22 May 2013 11:56 AM - Ty SaySalman Al, perhaps nobody has informed you of the fact that Britain has been 'paying back' for decades now, in giving safe haven to a vast swathe of imigrants... more
Wednesday, 22 May 2013 1:33 PM - MarkWell, it is their country, their rules..but i was thinking about the situation of firms who are forced to loose the staff, as I understand the firms got... more
Wednesday, 22 May 2013 10:43 AM - Baiju JaffarAs much as I love the UAE, this will be a problem for them in the future. Lets look at this from any democratic Country on Earth. If I decided not to turn... more
Wednesday, 22 May 2013 11:56 AM - Ty SayLet me put the entire issue in perspective. There are massive traffic problems on the roads of Kuwait, where Kuwait can boast high road fatalities and... more
Tuesday, 21 May 2013 1:28 PM - AbdullahSalman Al, perhaps nobody has informed you of the fact that Britain has been 'paying back' for decades now, in giving safe haven to a vast swathe of imigrants... more
Wednesday, 22 May 2013 1:33 PM - MarkHappy employees, happy customers. Quite simple actually. 60,000 unhappy staff, well, you do the math on how many unhappy customers can result from poor... more
Monday, 20 May 2013 10:27 AM - Louie TedescoIslam is not better than any other religion, to all the muslims out there, stop putting yourself on a pedestal, you are filled with self importance that... more
Tuesday, 14 May 2013 9:58 AM - graemeAs much as I love the UAE, this will be a problem for them in the future. Lets look at this from any democratic Country on Earth. If I decided not to turn... more
Wednesday, 22 May 2013 11:56 AM - Ty Say
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