Two new major projects have been ordered to be started in
The Palm Jumeirah by His Highness Sheikh Mohammed bin Rashid Al Makhtoom.
Nakheel who is the builder of this mega project sought the approval from the
ruler of Dubai in this regard and briefed the Sultan about it who approved both
the Pointe and Nakheel. According to the estimate, these massive projects will
collectively cost AED 3.3 billion out of which Nakheel Mall is the major
contributor with a cost of AED 2.5 billion as per the initial assessment.
The briefing was given to the Sheikh by the Nakheel’s
Chairman Mr. Ali Rashid who told him about the projects in complete details. He
revealed that the Nakheel Mall will be constructed 1 million square feet and he
also told about the Pointe which is the other of the two projects. The Palm
Jumeirah is shaped like a Palm and the Pointe will have a walk around the palm
shaped walk and there will be a lot more than this. There are going to be shops
in this Pointe along with the fountains and a marina.
Sheikh Mohammed bin Rashid Al Makhtoom was satisfied with
the briefing and said that the engineering design was satisfactory but he felt
the need of more charms for the tourists. Nakheel is having some problems with
its finances as it has a lot of debt to pay but it has showed a profit of 57%
increment in the year 2012. But the experts at Bayut believe that it still has some huge projects at hand and with
improving financial position, there are fair chances of it bouncing back.
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