Nakheel mega-projects won’t see light of day
Iconic buildings such as the Trump International Hotel and Tower and Nakheel Harbour and Tower were never built, while man-made island projects like the World, Dubai Waterfront and two more palm-shaped islands remain unfinished.
Dubai World And Nakheel To Receive $9.2 Billion From The Dubai Government
Dubai World has a big dept currently standing at $23.5 billion and the Dubai government is looking for a quick resolution to this big problem. The latter has now allocated $8 billion to Nakheel, the company owned by theDubai World conglomerate and the constructor of palm tree islands off Duabi’s coast.
Nakheel fund set to restart projects
Companies working on the Palm Jebel Ali, Waterfront and other Nakheel projects have been limbo as they tried to negotiate with the developer. But yesterday’s plan spelled out a clear road map for getting paid.
Nakheel shakes up its management
Nakheel has replaced its chairman, Sultan Ahmed bin Sulayem, and appointed a new board of directors. The new chair is Ali Rashid Ahmed Lootah, vice chairman of Mashreqbank. The other new board members are: Khalid Mohamed Salem Bakheet, Khalil Issa Ahmed Awad, Adel Khalifa Al-Shair, and Ibrahim Hussein Al-Fardan. Nakheel has several high profile unfinished projects, including the Palm Deira, The World and Dubai Waterfront.
Fibre reinforced polymer replaces steel bars in infrastructure projects
It can be used in instances where there is either damage to structural parts due to ageing, fire, corrosion or where there is a need to reduce stresses in steel. Pricing is the only factor that works against the product. These rebars have been used in marine docks and waterfront structures such as Nakheel’s Palm Cove Canal in Dubai Waterfront.
Dubai bust hits tower chief
Two of Mr O’Donnell’s former Australian colleagues at Dubai Waterfront, Matt Joyce and Marcus Lee, are fighting fraud charges in the emirate over the sale of a plot of land to an Australian developer, Sunland.
Accommodation
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Hotels ‘must sustain revenues’ instead of cutting costs
It is anyone’s guess that last year has gone into the books as one of the worst for the hotel industry with revenue per available room (RevPAR) – an industry benchmark – practically collapsing as travellers stayed away.
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Business & jobs
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Pure Gold plans 200 stores in India by 2015
Initial plans were for the real estate arm to have a collection of property developments such as Meydan City, the Lagoons and the Dubai Waterfront. But the plan did not get executed as the global financial crisis hit the region and only a small amount of investment, relative to the target, was made.
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Construction and technology
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Dreams can still come true in Dubai’s property scene
Nakheel still has commitments to complete infrastructure on some of its larger projects, such as The World islands, Palm Deira, and the Waterfront, so plots of land can be handed over to sub-developers. It also remains to be seen if plans for The Universe, another collection of reclaimed islands, and the Nakheel Harbour and Tower development, which was expected to include a skyscraper taller than the Burj Khalifa – the tallest tower in the world – will ever get off the ground.
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Dubai World
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Bank creditors will reply to Dubai World proposal soon
The Government of Dubai has proposed funding Dubai World and its property development subsidiary Nakheel with up to $9.5 billion in cash and refinancing the rest of the companies’ borrowings over five and eight-year plans.
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