Dubai ruler approves $898m Nakheel projects

Sheikh Mohammed orders start to work on Nakheel Mall, The Pointe on Palm Jumeirah
Dubai ruler approves $898m Nakheel projects
The Palm, Nakheel
By Andy Sambidge
Sat 02 Feb 2013 04:18 PM

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.

For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.