Dubai real estate giant Nakheel plans to resurrect Palm Jebel Ali in Dubai as it seeks contractors to complete the reclamation works, MEED reported.
In a statement to AGBI, a Nakheel spokesperson also previously confirmed to Arabian Business that, “the Palm Jebel Ali masterplan is being revisited,” with more details on the way.”
Palm Jebel Ali, which is three times bigger than Palm Jumeirah, is “95 percent complete”, MEED reported, referring to an interview with former Nakheel executive chairman Sultan Ahmed bin Sulayem.
“Major reclamation on Palm Jebel Ali is 95 percent completed, with the remaining 5 percent due for completion in the coming weeks. Construction of the breakwater, which surrounds the island, is 98 percent completed,” Sulayem said.
The Palm Jebel Ali project was previously on hold until 2009. Based on satellite images, the palm-shaped project’s three fronds have not yet been visibly complete.
However, the man-made island is reportedly home to two bridges built by Samsung C+T under a $350 million contract.
Palm Jebel Ali is located south of Jebel Ali Freezone.
In 2022, Nakheel also restarted Palm Deira, renamed as Deira Islands, which was then later changed to Dubai Islands.
“Dubai Islands (formerly known as Deira Islands) will reinforce the emirate’s position as a global destination of choice for residents, visitors and investors,” the company said in a statement in August 2022.
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In November 2022, Nakheel secured AED17 billion in a strategic financing deal to drive its new phase of growth, the master developer said in an emailed statement. The new phase will include refinancing of AED11 billion, and additional funds of AED6 billion.
“The refinancing of AED11 billion has been secured through a syndicate of three banks, Mashreq Bank, Dubai Islamic Bank and Emirates NBD demonstrating strong financial foundations and long-term growth prospects of the company,” Nakheel said.
A Nakheel spokesperson said the transactions will further strengthen its financial position, and reflects the confidence of the banking institutions in the strategic new focus of the company.
“Dubai’s real estate sector is recording robust growth, driven by regulatory reforms, such as the issuance of long-term visas, and a buoyant economy supported by the robust growth of retail, leisure and hospitality. This new era of Nakheel will be defined by our commitment to developing exceptional communities, enhancing customer-oriented services, and delivering value across all touchpoints,” the spokesperson said.
The developer’s residential, retail and hospitality assets have seen record growth despite the challenges of the pandemic.
“Over the past two years, Nakheel has also invested in building a strong assets portfolio and pipeline of new developments which will deliver consistent revenue growth in future years, and support the goals of the Dubai 2040 Urban Master Plan and ensure the health, wellbeing and happiness of citizens, residents and visitors,” Nakheel said in the statement.
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