Nakheel Awards Contract For 8 Substations In Deira Islands

Dubai developer Nakheel announced that it has approved the award of consultancy service contracts for eight substations at its 15.3 square kilometre Deira Islands project.

Engineering consultancies Green Energy and Energoprojekts will carry out design review and infrastructure site supervision services for the 132/11kv substations, the developer said in a statement.

The announcement follows days after Nakheel awarded a Dhs40 million contract to RSP Architects, Planners and Engineers for design and supervision work on Deira Islands Mall.

Last month, the developer also launched the tender for the design and construction of nine beaches at Deira Islands, and in April awarded contracts worth over Dhs47 million to US-based AE7 for infrastructure design and architectural and engineering services at the project.

The Deira Islands development uses four of the islands originally dredged for Nakheel’s Palm Deira project – which was shelved during Dubai’s property crash in 2009.

It was first announced during the Cityscape exhibition in October last year.

Deira islands will include houses, hotels, resorts, serviced apartments and waterside homes.

The mixed-use project, featuring a 21km beachfront, is anticipated to accommodate over 357,000 people when completed and is estimated to add around 40 kilometres to Dubai’s coastline.

The developer launched 94 hotel plots for sale in Deira Islands in March 2014, as part of its first phase, and said it received a “healthy response from investors.”

Nakheel, one of the worst hit companies during Dubai’s property crash in 2009, has rebounded strongly in the last two years with the revival of the emirate’s property market.

The company said recently that it will repay all its outstanding debt to banks by August, four years ahead of schedule as per its restructuring plan.

Nakheel chairman Rashid Ali Lootah told reporters that the firm would repay its debts through its own resources and not through any governmental support.

The developer’s first quarter profit rose 28 per cent year-on-year to reach Dhs629 million while it earned revenues of Dhs1.37 billion.