Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum has given a go-ahead to begin work on two major Nakheel projects on the Palm Jumeirah.
Sheikh Mohammed, vice president and prime minister of the UAE, issued the directive after a briefing by Ali Rashid Lootah, chairman of Nakheel, on plans to build the Nakheel Mall and the Pointe. The briefing covered components of The Nakheel Mall and The Pointe project, overlooking the Jumeirah Beach hotel and the Atlantis resort. Sheikh Mohammed expressed his satisfaction with the engineering designs of both projects and also advised on the addition of other attractive features to attract global tourists and investors.
The Nakheel Mall project, which will be built on the beachfront, will cost AED2.5 billion. It is estimated that the two projects would cost a total of AED 3.3 billion. The Nakheel Mall will cover a land area of one million square feet, while The Pointe will include shops, computer-controlled fountains, a marina and a public walk on the tip of the palm-shaped island.
For the year ending December 2012, Nakheel announced a 57 percent increase in profit. The developer also saw its revenues increase by 91 percent to AED7.8bn. Encouraged by recovery of real estate market, the debt-ridden developer plans several major projects during 2013. It plans to handover around 3,000 units to customers, invest around AED 6.5 billion in new projects to be completed over a three year period and expand Ibn Battuta Mall.
Recently, Nakheel was still reported to be promoting its shelved Trump International Hotel & Tower project. The project was halted more than four years ago, but Nakheel’s website for Palm Jumeirah still touts it as “a 60-storey mixed-use luxury hotel and residential building destined to become a landmark icon in Dubai’s skyline”.