NewsNakheel
Nakheel offer investors in Palm Jebel Ali more options
Close to 700 investors in Palm Jebel Ali have expressed their dissatisfacion with Nakheel’s offer of alternative properties and have announced plans to bring lawyers into the matter. Nakheel recently received US$9bn (Dh33bn) from the Dubai Government to revive stalled projects and settle debt,...
Abu Dhabi gives Dubai $10bn
Abu Dhabi provided $10 billion to help Dubai World, the state-owned holding company, meet its obligations, including $4.1 billion needed to repay an Islamic bond maturing today for the real-estate unit Nakheel PJSC. Dubai will use the rest of the money to pay “trade creditors and contractors as well...
Handover begins on Palm Jumeirah
The handover of apartments at Marina Residences on Palm Jumeirah will begin this month, The National reported. Located at the tip of Palm Jumeirah’s trunk, this residential complex of six towers comprises 980 apartments, all of which are sold out. At the same time, construction on Gateway Towers,...
Uncertainty rules on Palm Jebel Ali
The developer of Palm Jebel Ali, Nakheel, has recently offered investors in the man-made island homes on other projects. Other developers have also encouraged buyers to move their investment from struggling projects and this move casts no smaller shadow on the progress of Palm Jebel Ali. The prices on...
Nakheel pays Dh4.4bn debt
Nakheel paid a US$1.2bn bond on Thursday last week, a month ahead of its due date, Meed reported. The securitised bond issued in January this year was due to mature on November 15, but the Dubai-based developer elected to settle the debt it had with Emirates NBD, Mashreqbank, Noor Islamic Bank and Samba...
Dubai World to cut 12,000 jobs
The government-owned Dubai World holds about $60 billion of debt and other liabilities and may offer equity stakes to creditors amid a restructuring that cut its workforce by at least 12,000, sources told Bloomberg. Dubai World has already cut its global workforce with more than 15% down to 70,000 workers...
Nakheel struggle to pay debts
Dubai developer Nakheel is to offer consultants and contractors 65% of the money it owes them, according to the UK-based New Civil Engineer magazine (NCE). Last month NCE revealed that the developer was close to bankruptcy, with analysts estimating that it owed consultants up to £200M. Last week the...
Nakheel’s Marina Residences set for handover from April
Nakheel, the developer of Marina Residences on Palm Jumeirah, will begin handover of the residences in April 2009. Being more than 90% completed, the 900 homes scheduled for handover will be spread across the six towers located at the tip of Palm Jumeirah’s trunk. Work at Marina Residences has...
Dubai contractors face bankruptcy
Several Dubai-based contractors say they are owed millions of dirhams by state-linked developers and some may face bankruptcy as credit dries up and major projects are cancelled or scaled back in the former Gulf Arab boom town. “There has been a marked increase in the number of contractors asking...
Expansion of Al Furjan on hold
Further expansion of Al Furjan, Dubai, will be put on hold until Nakheel sees a rebound in demand for property, the company told The National All of the first 2,000 homes, which have all been sold, are on track for completion by the end of next year, said Mohammed Rashed, the project’s general...
