Business | Property
Nakheel's Palm Deira on track
Real estate developer Nakheel on Friday said land reclamation work on its Palm Deira development was progressing "as planned," denying a report that it had scaled back dredging due to the global financial crisis.
- By Shakir Husain, Staff Reporter
- Published: 00:08 October 25, 2008
Dubai: Real estate developer Nakheel on Friday said land reclamation work on its Palm Deira development was progressing "as planned," denying a report that it had scaled back dredging due to the global financial crisis.
The Palm Deira, which is one of the three palm tree-shaped islands Nakheel is developing along Dubai's coast, will be the largest man-made island in the world, covering 4,250 hectares and adding 226 kilometres to the emirate's coastline.
"Contrary to reports, work on Palm Deira is ongoing as planned. The focus of our activity is currently being directed at reclamation works in areas closest to the shore. Once this is complete we will start progressive land sales and development," the company said in a statement.
Nakheel, which is part of the state-owned Dubai World conglomerate, said this was in line with its business plan, and is a "very responsible approach" in view of the current global economic conditions.
Quoting an unnamed source close to the project, London-based magazine MEED reported earlier that dredging contractors had been told to stop work.
It said that Nakheel is concentrating on completing the sections of the Palm Deira closest to the shore that can be completed and sold in the near future instead of working on new sections.
Dubai World chairman Sultan Ahmad Bin Sulayem told Gulf News last week that the company is financially sound and is able to source funds despite problems in the global credit market.
Nakheel said more than 800 workers are working on the Palm Deira site reclaiming 200,000 cubic meters of sand, 45,000 tonnes of rock by sea and 20,000 tonnes of rock by land per day.
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