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Mon 30 Dec 2013 06:02 PM

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Nakheel says will award Palm project contract in Q1

Dubai developer evaluates bids for The Pointe retail, entertainment complex on Palm Jumeirah

Nakheel says will award Palm project contract in Q1

Dubai's Nakheel said on Monday it has received construction bids for The Pointe, its 136,000 square metre retail and entertainment complex on Palm Jumeirah.

The developer said in a statement that it has started the evaluation process with the contract due to be awarded within the first quarter of 2014.

Earlier this year Nakheel awarded a contract for ground improvement work at the site of The Pointe.

The ground preparation work is now complete and included vibro-compaction, topographic survey and factual site investigation work, Nakheel said.

The Pointe at Palm Jumeirah - endorsed by Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai - will be located at the tip of The Palm, opposite Atlantis.

Leasing will commence next month with the project featuring over 200 retail opportunities with a diverse range of shopping, dining and entertainment facilities, including a spectacular fountain display.

The Pointe will also be accessible via the Palm monorail system which will soon be connected to the mainland tram system, while water taxis will shuttle visitors across the bay from nearby hotels directly to the mall's marina.

The Pointe is one of several new Nakheel developments underway at Palm Jumeirah. Others include Nakheel Mall, The Boardwalk and Palm West Beach.

Nakheel, famous for developing manmade island projects such as Palm Jumeirah and The World, said last week that it is mulling a stock listing in 2018.

“At the moment we are looking at meeting commitments to lenders and investors, but we will look at an IPO in the future. In 2018 it could be possible, if markets allow... Everything is possible,” Ali Rashid Lootah, chairman of Nakheel, said in an interview.

In October, Nakheel said its nine-month net profit jumped 58 percent year-on-year as the company continued to benefit from the recovery in the emirate's property market.

The firm, which was taken over by the government as part of its $16bn restructuring plan completed in 2011, made a net profit of AED1.77bn ($481.9m) in the nine months to September 30, versus AED1.12bn in the corresponding period of 2012.

* Nakheel no longer responds to media enquiries from Arabian Business, nor does it grant Arabian Business access to any of its media events or announcements.

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montana 6 years ago

will the lootah construction company win the tender (like the other tenders they won), did any one mention the chairman is from lootah family