Nakheel to begin work on two retail projects

UAE-based real estate developer Nakheel has announced two new retail projects worth $0.9 (AED3.3) billion on the Palm Jumeirah island, located off the coast of Dubai. The $0.68 (AED2.5) billion ‘Nakheel Mall’ will be located on the beachfront of the Palm Jumeirah, and the $217 (AED800) million ‘The Pointe’ will overlook the Jumeirah Beach Hotel and the Atlantis resort.

The 1 million sqft Nakheel Mall will feature a 200-room state-of-the-art hotel, 200 hotel apartments and a restaurant with a panoramic sea view. The 1.4 million sqft Pointe will be a large-scale complex featuring a combination of retail shops, high end restaurants as well as cafes and patisseries.

The announcement was made after His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE vice president, prime minister and ruler of Dubai, reviewed Nakheel’s future investment projects and gave approval to commence the two projects.

Nakheel announced its results for the financial year ending 31 December 2012, posting a profit of $0.5 (AED2.017) billion, a 57% increase on 2011. Nakheel’s plans for 2013 include the handover of around 3,000 units to customers, investment of $1.7 (AED6.5) billion 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.

“2012 has been a hugely successful year for Nakheel, building on the momentum achieved in 2011.  Our financial performance reflects the continuous support and commitment by the Government of Dubai and Nakheel’s board of directors to implement a sustainable, realistic long term business strategy. It is also proof that investor confidence is back, and that Nakheel is firmly moving forward and delivering,” says Ali Rashid Lootah, chairman, Nakheel.