Nakheel launches sales for Badrah Waterfront district

Dubai-owned master developer Nakheel on Sunday launched the Badrah district in its Waterfront mega development.

The first phase of sales for Badrah - the second residential district to be announced within the Waterfront - begin on May 25, with handover planned for the end of 2009. The first phase will offer 1,000 apartments and townhouses.

The district, which aims to offer affordable housing, will comprise 45,000 homes on completion. The launch follows the offering of the Waterfront’s Veneto district earlier this month.

Matt Joyce, managing director at the Waterfront, said Nakheel aimed to provide a range of residential accommodation options within Dubai.

“As well as top-end luxury developments we want to create more affordable options for middle and moderate income buyers. Badrah is such a development and an opportunity for a new group of professionals to get onto the Dubai property ladder,” he said in a statement.

The development includes a light rail network, pathways and public transport system planned with direct links to Dubai's metro, which is currently under construction.

The entire Waterfront project will be made up of an inland component and six reclaimed islands, and will accommodate a population of 1.5 million when complete.

Other components of the project include Madinat Al Arab, the Canal District and Waterfront City. Construction is underway in Madinat Al Arab, which includes an accommodation complex that will eventually house 60,000 labourers.

Located along Sheikh Zayed Road, Badrah will border the Jebel Ali Free Zone, near the site where Dubai’s new international airport will be located.

The district comprises four areas - Diaa which has a high proportion of residential buildings and amenities, Talla which has a larger mix of offices, Manara which includes educational and civic amenities and Bahaa which focuses on retail and leisure elements.

All buildings will meet Leadership in Environmental Design Green Building Rating System (Leed) ratings performance international standard, which aims to result in lower maintenance and running costs, Joyce added.

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Nakheel to take legal action over project delays

Dubai master developer Nakheel will take legal action against any sub developer that fails to deliver projects on time, the company's CEO said.

Speaking at the Arabian Travel Market (ATM) in Dubai, Chris O’Donnell said Nakheel has introduced a clause into all its sales contracts to stamp out late delivery of projects.

“Nakheel sales contracts will now include definite timeframes on the development of the land we sell, if projects aren’t commenced within that certain time frame, we take action against that developer. That’s something we have been focused on that for the last 18 months,” he said in an interview.

O’Donnell's remarks follow news that Dubai's real estate watchdog is investigating four developers for what appears to be the non-delivery of projects.

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Nakheel and Jafza sign deal on new budget hotel offering in Dubai

Dubai-based real estate developer Nakheel cemented its partnership with Jafza to pave the way for the opening of one of several innovative budget hotels under the easyHotel brand.

The partnership between Jafza and Nakheel Hotels, both Dubai World companies, sets in motion the development of an innovative budget hotel in the up and coming area around the free zone.

The easyHotel, located close to Shaikh Zayed Road in Jafza will be a 216 room budget hotel that will deliver an absolutely first class 'sleep and shower' experience at an affordable price for visitors to the area.

Construction is scheduled to begin at the end of May 2008 with a completion date of June 2009.

Salma Hareb, CEO Jafza and Economic Zones World said: "This agreement reflects the strong relationship between Jafza and Nakheel, two of Dubai World's leading companies. We are delighted to be working in partnership with Nakheel and to be the site of one of the first easyHotels in Dubai. Jafza is one of the world's most services driven, customer centric free zones. The success of Jafza is driven by our ability to continue to provide innovative services for our customers."

Nakheel Hotels owns the master franchise for easyHotels in the MENA region.

The easyHotel in Jafza will be one of several easyHotels being developed by Nakheel to open in Dubai starting in June 2009. Source

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Nakheel retail division to become largest shopping mall developer

Nakheel, a Dubai World company and one of the world's largest and most innovative real estate developers, has announced plans to make its integrated retail division Nakheel Retail, the largest shopping mall developer, owner and manager in the Middle East by 2012 and one of the largest in the world by 2018.

Nakheel Retail Shopping Malls, the retail property division of Nakheel Retail, is about to commence the development of 13 million sq ft of new retail space across 5 separate mega real estate projects, Palm Mall on The Palm Jumeirah, a premier retail destination on the first Palm development; Palm Mall on The Palm Deira, an enormous retailing precinct; Ibn Battuta Mall Phase II that will double the mall's size with new themed courts and an expanded retail mix; India Mart that will combine the very best of Indian wholesale and retail shopping with entertainment facilities and Great Mall Dubai, a ‘3-in-1' mall concept at International City.

Nakheel Retail has created a new structure to meet its ambitious plans for growth. There are four divisions spanning shopping mall and retail brand development, namely, Shopping Malls, RetailCorp, Hypermarkets and Food & Beverage. Source

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Nakheel hires banks for $1b sukuk sale

Nakheel PJSC hired a group of three banks to help it sell about $1 billion of Islamic bonds.

Dubai Islamic Bank PJSC, Emirates NBD PJSC and JPMorgan Chase & Co. will organise the two-year floating-rate Ijarah sukuk, Chief Financial Officer Kar Tung Quek said in an interview yesterday.

To achieve our plans for this year we calculate we need about $5 billion. We typically fund our business from property sales and borrowing, and the sukuk will be part of that,” Quek said.

Banks will be able to buy the sukuk in UAE dirhams or US dollars, Quek said. Nakheel and its bankers will start promotional meetings with potential investors in the Gulf from April 20 before moving to London, he said. (Bloomberg)

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A tower 1,200 metres high by Nakheel

Dubai developer Nakheel is to build a tower 1,200 metres high, comfortably surpassing the Burj Dubai as the tallest building in the world, a source at a company working on the project said.
The source at Australian architects Woods Bagot, which was recently awarded a contract for the project, said the tower is to be located on the Arabian Canal, a $61 billion project being developed by Limitless.

Both Limitless and Nakheel are part of state-owned conglomerate Dubai World.
The source would not reveal the name of the project, which is commonly referred to as Al Burj or the Tall Tower.

Nakheel confirmed that it was working with Woods Bagot, but said it could not discuss details about the project.

"We are still finalising the design concept of a new project involving an iconic structure - Woods Bagot are a consultant on this project," Nakheel said in a statement.

"As we are still in the design concept stage, it would be premature to discuss any details at this early stage."

At 1,200 metres high Al Burj would be significantly taller than Emaar Properties' Burj Dubai, which is expected to be up to 900 metres once complete in early 2009, although the final height remains a closely guarded secret.

Speculation over whether Nakheel would trump rival Emaar in the race to build the world's tallest tower has been rife ever since the developer announced the Al Burj project back in 2006.

The tower was initially planned to be over a kilometre high and form part of Nakheel's Dubai Waterfront development, but the location was changed.

The tower is now expected to be built between Jumeirah Lake Towers and Ibn Battuta Mall close to Sheikh Zayed Road, according to Construction Week.

The magazine revealed in January that French company Soletanche Bachy had begun piling work on the project.

Nakheel said that the location had yet to be finalised.

"The location of the project has not yet been confirmed, as we are currently conducting test piling to ascertain the suitability of a potential site,” the developer said.

The project is expected to be officially launched "sometime toward the end of the first half of this year".
The Arabian Canal project will include a 75-kilometre canal and extensive waterfront development stretching inland from Dubai Waterfront in Jebel Ali, passing to the east of the Dubai World Central development before turning back towards the Palm Jumeirah.

Limitless is spending around $11 billion to build the canal alone, and another $50 billion on a sprawling 20,000-hectare development that will stretch for 33 kilometres along the inland section of the waterway.

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Solar-powered homes on Palm Jumeirah

United Arab Emirates (UAE)-based real estate giant Nakheel is planning to build entirely solar-powered homes on its iconic Palm Jumeirah development.

'The idea is still under study and we have to make sure it's feasible before we put in on the market. It's very difficult to give a deadline but we have a very ambitious plan,' Abdulrahman Kalantar, managing director of Design and Development at Nakheel, told Emirates Business 24-7.

Palm Jumeirah is one of the three palm-tree shaped artificial islands being developed by Nakheel along the Dubai coast.

According to Kalantar, the company hoped to fully supply all residential units on the man-made island with solar energy in the next five years.

'We're currently studying a lot of options, one of them being how to maximize the use of solar energy. Solar has been a proven technology all around the world, but the applications and uses are very limited in Dubai. We have plenty of sun and we have to know how to use that energy,' he said.

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Dubai Waterfront Wonder

Creating a city within a city is something only Dubai can accomplish, which has been amply proved more than once. With its multiple dimensions, the Waterfront is well on its way to live up to that billing.

With a master plan designed twice the size of Hong Kong, the target is to create a truly "international" city for an estimated population of of 1.5. million.

With cache offer by world renowned architects, planners, engineers and consultants, Nakheel is working to meet the Waterfront objectives very thoughtfully.

There have been many challenges involved in transforming the 1.4 billion square feet of empty desert into a fully functional city. But the result will be well worth the wait by the looks of the master plan that showcases a project focused on leisure, culture and activity for people from all walks of life.

Located near the new Dubai World Central International Airport, and with direct access to Sheikh Zayed Road, Jebel Ali Freezone and Abu Dhabi, the city will be fully accessible on a local and international scale.

The hub of the development will be along the shoreline, stretching in-land to offer a range of residences, commercial districts and industrial areas, with a number of major tourist attractions and leisure amenities. Extending from the coastline into the Arabian Gulf will be a series of connected islands featuring villas and high-end accommodation.

It will consist of 10 key areas including Madinat Al Arab [1], which is expected to become the new downtown and central business district of Dubai. [3] Madinat Al Arab has been developed by an international consortium of architects, planners and urban developers. Madinat Al Arab will feature resorts, retail, commercial spaces, public spaces, a broad mix of residencies and an integrated transport system including light rail and a road network.

Major civil works and infrastructure has commenced on the first phase of Madinat Al Arab. Construction of the 8.0 kilometer Palm Cove Canal, which runs parallel to the coastline, began in February 2007 and is more than 65 per cent complete.

The first phase of Madinat Al Arab (30%) was unveiled to a private property and investment institutions from the United Arab Emirates and Cooperation Council for the Arab States of the Gulf in July 2005. Within five days, it had been completely sold out, for over 13 billion AED.

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DMCC and Nakheel to work together on emissions reduction projects

Dubai Multi Commodities Centre (DMCC) and Nakheel, Dubai's premier development company, have signed a Memorandum of Understanding to jointly identify and develop emissions reduction projects across the whole of Nakheel's operations.

DMCC and its partner, carbon reduction project developer EcoSecurities, will work with Nakheel to identify potential projects for reducing greenhouse gas emissions and improving energy efficiency. DMCC will facilitate the development of the CDM component of these projects, which in turn will create value by generating Certified Emissions Reduction (CERs) credits that can be traded on global carbon markets. This will enhance Dubai's position as a leading centre for carbon emissions reduction initiatives and firmly establish its place within one of the world's most rapidly growing industries.

Nakheel's groundbreaking innovation is already changing how the world views the future of urban design. This partnership with DMCC will ensure that such innovation is accompanied by environmental best practices that create a valuable and sustainable legacy for generations to come.

'Energy conservation and the reduction of greenhouse gas emissions are the main obstacles for Dubai to overcome, if it is to continue delivering both cutting edge and iconic developments and long-term environmental sustainability,' said Ahmed Bin Sulayem, DMCC Executive Chairman.

'The combination of DMCC's expertise in CDM project development and Nakheel's position as a world leader in innovative urban project design creates a strong partnership for ensuring these challenges are met.'



Nakheel's Chief Executive Officer Chris O'Donnell, added: 'Nakheel has always been committed to providing ambitious and innovative low-carbon solutions that will ensure long-term environmental sustainability across our various projects. We are delighted to be working with DMCC to develop a proactive approach in identifying clean emissions solutions that will further enhance the sustainability of our developments.'

'The opportunity to collaborate with experts on low-carbon and CDM opportunities from the start of the feasibility and outline design stages of our developments will enable Nakheel to effectively deliver solutions with longevity' added Nakheel's Michael Nates, Senior General Manager, HSE & Sustainability. 'This agreement will support Nakheel's drive to integrate international best practices into and throughout our business operations.'

DMCC signed an MOU with EcoSecurities in June 2007 to promote CDM projects, and generate emission reduction credits within the UAE, while building the profile of Dubai as a regional centre for carbon emission reductions and trading. (AME Info)

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First marine biology laboratory opened in Dubai

Nakheel and Environment Health and Safety(EHS), the regulatory arm Ports, Customs and Free Zone Corporation (PCFC),Dubai, officially opened on Wednesday Dubai's first specialized marine biology laboratory.

Designed to develop a long-term environmental monitoring programme for all of Nakheel's coastal projects specifically and other Dubai World projects in the future, the EHS Marine Environmental Laboratory follows on from the MOU signed between Nakheel EHS in July 2007 as part of its environmental monitoring programme for the waters of the Arabian Gulf.

The laboratory opens as part of the United Nations University - International Network on Water, Environment and Health's (UNU-INWEH) four year programme, 'Strategic Management of Marine Ecosystem in Nakheel Projects,' launched in December 2006.

The programme aims to design and implement a long-term monitoring and management program for the marine environments surrounding Nakheel's marine projects and to provide informed guidance on marine environmental management to Nakheel.

The laboratory will provide analytical capacity to support the marine field underwater activities for building the marine monitoring programme.

Working from Nakheel's Environmental Department at the Nakheel Design Group, the UNU-INWEH marine scientists will operate the lab for the programme's duration, and will work closely with EHS and the Nakheel Environment Department to train staff on the latest ecological monitoring technology.

In addition to the laboratory space, EHS will also provide laboratory staff to sustain the analysis undertaken across all Nakheel marine developments. (WAM)

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Overview of the Dubai Waterfront by Nakheel

Highlights on the Nakheel's biggest project to date and the world's largest waterfront.

1. Nakheel reveals Dubai Waterfront City master plan
The city will be based around a central island surrounded by four neighbouring districts: the Boulevard, Madinat al-Soor, the Resort and the Marina.

2. Dubai Waterfront completes 40 per cent of Madinat Arab infrastructure
Infrastructure work is 40 per cent complete on Madinat Arab, the first phase of the 1,400 hectare Dubai Waterfront project, according to Matthew Joyce, managing director of the project.

3. The six key people behind the 130-square-kilometre Waterfront real estate project.

Behind the 130-square-kilometre Waterfront real estate project are: Chris O'Donnell, CEO, Nakheel; Matt Joyce, managing director, Waterfront; Frank Konings, project director, central business district, Waterfront; Conrad Groen, development director, Waterfront; Rem Koolhaas, founder, Office for Metropolitan Architecture; and Kathy Cusack, planning and design manager, Waterfront.

4. Nakheel banks on Dubai utilities
The expansion plans of local property company Nakheel rely on the Dubai Electricity & Water Authority (Dewa) providing enough power and water for its projects, according to the company's legal counsel, Steve Hunt.

5. Waterfront to develop light rail systems
Real estate developer Nakheel is planning to build light rail and tram systems as part of its Dubai Waterfront development.

6. Work starts on $11bn Arabian Canal
Contractors have started work on two preliminary contracts for the 80km canal, which will also pass through the Dubai Waterfront, Discovery Gardens, Dubai Industrial City, the Jebel Ali Business Park and the Jumeirah Golf Estates.

7. Nakheel to award contracts for Waterfront development in Dubai
Construction deals worth $3.2bn to be announced by early 2009.

8. Contractors approached for Dubai Waterfront building works
Local developer Nakheel has invited selected companies to express interest in a building package for the Madinat Arab district at Dubai Waterfront.

9. Where next for Dubai's freehold areas?
Freehold ownership was opened to all nationalities in Dubai in May 2002 and proved to be master stroke. In Waterfront, Nakheel, one of Dubai's big three developers, has one of the biggest single freehold sites.

10. Firms sit by Waterfront
Two major awards have been made on the Dubai Waterfront development, which now incorporates Palm Jebel Ali. The overall development comprises 10 districts covering an area of 440 square kilometres, almost three times the size of Washington DC.

Fast Facts:

Waterfront will be the single largest waterfront in the world.

It will cover an area of 1.4 billion square feet or 13,000 hectares – bigger than Manhattan or Beirut and twice the size of Hong Kong, with 16 square kilometres of land and a 'hook' of six reclaimed islands of 2,300 hectares.

Waterfront is Nakheel's biggest project to date – bigger than The World and The Palms Jumeirah, Jebel Ali and Deira.

It represents 65 per cent of Nakheel's land bank.

Work is well-advanced on the islands. Matt Joyce, Waterfront's managing director, says: "We are reclaiming 3.52 million cubic metres a month, a rate fast enough to fill Wembley stadium three times every month."

Nakheel is developing 23 per cent of the Arabian Canal within Waterfront; Limitless will develop the rest. Nakheel was originally tasked with building all of the Arabian Canal.

Waterfront, sitting on the last 15 kilometres of natural coastline in Dubai, will also add 70 kilometres of beachfront.

The long-term target is a permanent population of 1.5 million over 20 years.

An overview of the city

The project is expected to create one million jobs when complete. Waterfront's surrounding areas – Jebel Ali Free Zone & Port Authority, the Techno Park, Dubai Industrial City and Al-Maktoum Airport – are also expected, between them, to create one million jobs over the next five years. The Arabian Canal development is also predicting a 1.5 million population. "They will need somewhere to live," says Joyce. "Hopefully that will be the Waterfront."

Omran, Nakheel's "contribution to workforce wellbeing", will provide housing for 60,000 workers on site. Their travel time will be reduced to 20 minutes, two to four workers will be housed per room, there will be gyms, canteens, pool tables, cafes, cricket pitches and banks, and greenery from the plant stock nursery will be based here to beautify Omran, Joyce said. (MEED)

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Nakheel tight-lipped on Burj Dubai rival

Dubai-owned developer Nakheel on Wednesday remained tight-lipped about details of its rival to the Burj Dubai, refusing to reveal the building’s final height, when it will be finished or even its name.

Work has now begun on the site of the building, commonly called Al Burj or the Tall Tower, intensifying speculation over whether Nakheel is planning to take the Burj Dubai's crown as the tallest building in the world.

According to initial designs that put Al Burj at over a kilometre high, the building would easily overtake Emaar Properties' Burj Dubai as the world's tallest.
The Burj Dubai is expected to be around 900 metres upon completion at the end of this year, although the final height remains a closely guarded secret.

A spokesperson for Nakheel said the company was still finalising details for the structure and was unable to reveal its height or when it would be completed.

"They're [the details of the project] not yet available," the spokesperson told ArabianBusiness.com.

On the name of the building, the spokesperson said Al Burj was a "working title".

Previous reports have stated the project will be officially unveiled in March, but the spokesperson said that date was unrealistic and a launch would more likely take place "sometime toward the end of the first half of this year".

The Al Burj project has been under development for some time, first announced back in 2006.

The tower was initially planned to form part of the Dubai Waterfront development, but the location was moved to between Jumeirah Lake Towers and Ibn Battuta Mall on Sheikh Zayed Road.

Magazine Construction Week on Tuesday revealed French company Soletanche Bachy was tipped to win the piling and foundations contract for Al Burj, citing sources close to the project.

Work begins on Nakheel's Al Burj

Initial designs for the tower indicate there will be 228 floors, a four level basement and one service sub-level.

The total built up area will be 1.49 million square metres, with 492,000 square metres of usable space. The development will house offices, apartments and hotels.

The top habitable floor will be at 850 metres, topped by a 200-metre central spire with a three level function area and three service floors. Source

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Dubai to get new promenade by 2011

Nakheel announced its latest project involving a waterfront community along the Dubai shoreline anchored by a five-star wheel-shaped hotel.
Called Dubai Promenade, the project is set for completion by 2011 and will be surrounded by the sea, a harbour and a beach. It will have panoramic views and idyllic walkways to create a unique residential and commercial community.

In a statement, Nakheel yesterday said that the project emphasises open space and waterfront lifestyle with an expansive promenade opening up the seafront to residents and visitors.

"When master-planning Dubai Promenade, we were keen to create a feeling of open space, capitalising on the waterfront views," said Ali bin Damithan, senior general manager of the project.

The statement said that Van Oord, a global dredging and marine contracting company, is doing the project's reclamation work, which will be finished by March and involves 750,000 tonnes of rocks and 650,000 cubic metres of sand.

It added that construction would begin in June and, upon completion, the project will be able to accommodate 10,000 residents in over 2,000 units and offer 25,000 square metres of retail space and over 17,000 sq m of office space. Source

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Nakheel acquires stake in Mirvac

Dubai-based global real estate developer Nakheel has bought a 6.51 per cent stake in Australian real estate company Mirvac Group as it looks to expand internationally.

Nakheel, which has developed residential, commercial, retail and leisure sector projects in Dubai, said it is seeking potential joint venture opportunities with Mirvac.

But chief executive Chris O'Donnell said in a statement that but no discussions had yet taken place with Mirvac's management.
"The investment represents a strategic holding and we expect to be a long-term partner," he said.
"We believe there are many potential opportunities for Mirvac and Nakheel to work together.
"As Nakheel looks to move forward its international mandate, it makes perfect sense to look at the possibility of joint developments with a like-minded company.
"I believe there are exciting possibilities ahead for both groups," Mr O'Donnell said.

Mirvac was not available for comment.

However, the company has been the subject of recent takeover speculation.
Earlier this month, developer Lend Lease Ltd confirmed it had held confidential talks with Mirvac about joint ventures.
Mirvac said at the time that there was no certainty that any transaction would result from the discussions.
Mirvac in September reported a 26.1 per cent rise in annual profit to $556.1 million for 2006/07.
The group said it was seeking opportunities to expand and potential joint venture partners.
Nakheel is developing projects in Dubai which are collectively worth about $US60 billion ($A70.06 billion).
Mirvac's stapled securities ended down five cents to $6.04. Source

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Nakheel joins Istithmar to expand hotels group

Dubai World has brought its hotel business under one banner as part of a restructure merging the real estate business of Istithmar with Nakheel.
Istithmar Hotels will now be known as Nakheel hotels, an integrated hotel investment company which remains a wholly owned subsidiary of Dubai World.

The hotels group has accumulated a global hotel property portfolio since its launch in April 2006, with value of investments to date reaching in excess of $3 billion.

The group will continue to be led by chief executive Joe Sita, who said in a statement “Nakheel is renowned around the world for its iconic projects such as The Palm Jumeirah and The World, and is playing a major role in driving Dubai’s tourism growth, increasing the number of hotels in the emirate by more than 50% through its developments. It therefore makes sense for Istithmar Hotels to join the Nakheel organization, providing the hotels group with additional resources, capabilities, and the backing of one of the world’s foremost real estate developers.”
Nakheel Hotels will continue to pursue its strategy of acquiring luxury hotels in key gateway cities and resorts across North America, Europe and Asia, along with investingin budget hotels in key growth markets.

Projects currently include The Trump International Hotel & Tower, under development on The Palm Jumeirah, while the group has already acquired several luxury hotels in the US, including Mandarin Oriental, W Union Square and Hotel Washington, as well as significant equity investments in Kerzner and International Hotel Investments plc, and development projects for W hotels in Thailand.

QE2 Enterprises, which acquired the luxury liner QE2, will also become part of the expanded Nakheel Hotels. The QE2 is to form the centerpiece of a luxury hotel, residential, retail and entertainment destination to be developed on The Palm Jumeirah. Source

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Nakheel launches Islamic bond worth $1 bln

Nakheel, a Dubai-based property developer, Tuesday launched an Islamic bond, or sukuk, worth up to $1 billion to fund its expansion plans.
The sukuk comprises $750 million in initial float with an option of $250 million, the company said in a statement.
J.P. Morgan Securities Ltd. is the sole bookrunner, lead manager and underwriter for the offering, it said.
Nakheel said investors "will have the right to subscribe to shares in any public offering of any entity of the Nakheel Group undertaken prior to the redemption of the sukuk."
Sukuk comply with Islamic Shariah law and as such pay a return based on tangible assets in lieu of an interest rate. Islamic law considers payment of interest as usury.
Nakheel, which has projects worth $30 billion in the pipeline, had raised $3.52 billion in sukuk in 2006. The three-year Ijara sukuk is the world's largest Islamic bond and is traded on the Dubai International Financial Exchange.
Nakheel is part of the Dubai World Group that also owns Dubai Ports World. The company is currently developing three palm-shaped projects reclaimed offshore Dubai, which will add a combined 1,000 kilometers to the emirate's coastline.
Dubai World will merge Nakheel and Istithmar property units before the end of the year to create one of the world's largest real estate companies, a Nakheel official said last month.
Copyright (c) 2007 Dow Jones & Company, Inc.

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Nakheel named ‘Developer of the Year’ at Construction Week Award 2007

Nakheel, one of the world’s largest and most innovative real estate developers headquartered in Dubai, has been named ‘Developer of the Year’ at the Construction Week Awards 2007.
Construction Week, the most widely circulated business-to-business construction publication in the Middle East, organized the awards to celebrate innovation and excellence of the real estate industry in the world.
Chris O’Donnell, CEO, Nakheel, said, “It is a fantastic honor to be recognized as the ‘Middle East’s Developer of the Year’ by Construction Week. The team at Nakheel is truly world-class, capable of achieving things previously thought impossible, and this award is confirmation of those qualities”.
Nakheel has contributed to Dubai’s transformation in a number of extraordinary ways like creating an extra 1000 kilometers of coastline through ‘The Palm’ trilogy and ‘The World’. Nakheel will be the provider of 50% of Dubai’s residential supply by building homes for 3 million people and also plans to create 10 million square feet of retail space. Source

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Nakheel & Istithmar may merge into $52bn giant

Dubai World, which is selling a stake in port operator DP World, plans to combine its real estate units into a company with $52 billion worth of projects under development, Middle East Economic Digest (MEED) said.
Nakheel, which is developing palm tree-shaped islands off Dubai's coastline, and Istithmar Real Estate would be merged into a single company by the end of the year, MEED said, citing a senior source at Nakheel that it did not name.
The combination would help Nakheel expand its operations abroad, something it has been planning to do for more than three years, MEED said.
Istithmar Real Estate is a division of Istithmar, the Dubai government's investment arm. It owns real estate assets in London, New York, Las Vegas and Cape Town.
It was established in 2003, and currently oversees real estate assets worth over $8 billion.
Dubai World sold a 23 percent stake in DP World, the fourth-largest global container handler, in an initial public offering that raised almost $5 billion this month. (Reuters)

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Leading Dubai-based realty giant launches charity website

Nakheel, one of the world’s largest real estate developers based in Dubai, has developed a unique charity initiative during 2007 Ramadan with the launch of its Ramadan Kareem Make-a-Wish website, www.ramadan.nakheel.com, which aims to raise funds for disadvantaged people in the UAE. For every wish placed at the website, Dh10 will be donated to charity. As Nakheel is the sole donator for the initiative, there is no limit to the number of wishes placed on the website and personal donations will not be accepted.
Manal Shaheen, Director, Sales, Marketing and Customer Services, said, “The ‘Ramadan Kareem Make-a-Wish’ website engages people to carry out an act of goodwill this Ramadan, providing every person with the opportunity to donate without having to pay a dirham. The objective of this scheme is to help make a difference to people lives and that is why we have not set a donation limit”.

The website has already generated a huge amount of interest as the number of visitors to the site is growing each minute and wishes are being made by people from around the globe. The money raised from the initiative will be donated to Beit Al Khair, a charity formed to benefit a range of disadvantaged people in the UAE. Dubai real estate company, Nakheel recognizes the importance of Ramadan in the Islamic calendar and as a time to act in a charitable and generous manner. Source

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Nakheel raises $1.9bn with sukuk

Government-owned Nakheel Group, developer of palm-frond shaped islands off Dubai's coast, has raised $1.875 billion in an Islamic loan for general financing purposes, a banker at one of the arranging banks said on Monday.
The five-year amortising facility was arranged as an ijara, or lease structure, at a margin of 85 basis points over the London Interbank Offered Rate (LIBOR), said the banker, who declined to be named.
Twenty-four banks including Standard Chartered, Barclays, Dubai Islamic Bank, the National Bank of Abu Dhabi, Emirates Bank and the National Bank of Dubai arranged the loan.
Islam bans lending on interest, and Islamic bonds and loans are structured as asset-backed transactions that give investors a share of rent or profit.
Nakheel raised $3.52 billion from Islamic bonds in December, the largest such sale to date.
The company is building three palm-shaped islands and an archipelago designed to look like the map of the world to host hotels, shopping malls and homes.
Dubai bought the Cunard liner Queen Elizabeth 2 in June to turn it into a floating hotel off the Palm Jumeirah, the smallest of the palm islands.Source

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