Dubai’s Ruler Approves Dhs3.3bn Nakheel Projects

Dubai’s ruler Sheikh Mohammed Bin Rashid Al Maktoum has ordered property developer Nakheel to commence work on two of its massive projects in the emirate.

The first is the Nakheel Mall project, located on the beachfront at the bottom of the trunk of the Palm Jumeirah in Dubai, which stretches over one million square feet and is estimated to cost Dhs2.5 billion.

The second is the Dhs800 million Pointe project, which overlooks the Jumeirah Beach hotel and the Atlantis resort.

During a tour to the Nakheel headquarters, he also saw a pictorial presentation of the two projects, which will include hotels, parks and recreational facilities, reported official news agency WAM.

Sheikh Mohammed reportedly expressed his satisfaction with the engineering designs and instructed the addition of “new attractive elements to woo tourists and investors from around the world.”

“We want Dubai to be on top in all of its projects because excellence remains forever,” WAM quoted him as saying.

In the past year, with tourism booming and real estate recovering, Dubai has once again begun announcing massive property projects.

In November last year, Sheikh Mohammed announced plans for a massive tourism and retail development which will include the world’s largest mall and a park 30 per cent bigger than London’s Hyde Park.

The development, called “Mohammed Bin Rashid City” will also include over 100 hotel facilities, and will be built by Dubai Holding and real estate firm Emaar Properties.

The emirate also announced plans to build a Dhs10 billion complex of five theme parks, the first stage of which is expected to be completed by 2014.

Located near the Jebel Ali port area, the complex will include an adventure park featuring Hollywood brands, a marine park, a children’s park and a night safari, the Dubai ruler’s office said in November 2012. The project will be developed by Meraas Holding.