Nakheel, the Dubai-based property developer, will begin building the long-anticipated leisure and shopping facility on Palm Jumeirah. That was announced after the developer was given a green light by Sheikh Mohammed bin Rashid.
Last week, Dubai’s ruler and UEA’s vice president stated on his website that he had allowed Nakheel to start building the Palm cafe and shopping developments. The project is estimated to be worth Dh3.3 billion.
The Nakheel Mall will occupy an area of 1 million square meters. It will be situated right on the Palm’s trunk and its will amount to Dh2.5 billion. The construction work on it is reported to start immediately. The facility will include 200 serviced apartments, restaurants and a 200-room hotel.
The exact location of the Nikheel Mall is still unknown. However, according to specialists, the complex will rise in the middle of the Palm on the area which was saved for the now idle Trump Tower project.
Nakheel will also begin work on another project of its own – The Pointe. It will occupy 136,000 square meters and it will be situated close to the Atlantis resort and the Jumeirah Beach hotel. The project’s cost is Dh800 million and it will comprise of restaurants, computer-controlled dancing fountains and shops. In addition, The Pointe will be connected to the Metro.
On his website, Sheikh Mohammed also shared his approval of the engineering designs and ordered the developer to include additional entertainment facilities that will attract investors and tourists from all over the world.
The Dubai-based developer has been trying to begin the work on the two projects for a while now. One year ago, Nakheel informed that it had asked some banks to finance the first stage of The Pointe with at least Dh300 million. Unfortunately, the construction work was then postponed and the developer focused on paying back its debts accumulated after the 2009 Dubai World crisis.
Back then, Nakheel’s chairman, Ali Rashed Lootah said the Palm needed more retail facilities. According to him, that was due to the fact that the area is highly-populated and popular among tourists. Also, he shared his opinion that The Pointe, as well as its design and location were one-of-a-kind.
Since 2009, Nakheel belongs to the Dubai Financial Support Fund. The developer was expected attract investments worth $20 billion from the Central Bank and Abu Dhabi. From Nakheel still haven’t commented on the matter.
Now, after Sheikh Mohammed bin Rashid approved the Nakheel’s projects, the new Dh3.3 billion leisure and shopping facilities will be build on The Palm.
