Dubai: Nakheel will begin construction of its Dh2.5 billion Nakheel Mall in the Palm Jumeirah this year following orders from His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister and Ruler of Dubai, to begin work on the project.
During a recent visit to Nakheel headquarters, Shaikh Mohammad also ordered the start of work on the Dh800 million The Pointe retail project at Palm Jumeirah, according to WAM.
Shaikh Mohammad viewed during his tour of the Nakheel headquarters a pictorial presentation that featured the two projects and their components: hotels, parks, recreational facilities and high quality services, which are unique in their designs and uses.
He was accompanied by Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai, Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai, Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and Chief Executive of Emirates airline and Group, and other senior officials.
“Construction [on Nakheel Mall] will start this year. It’s a priority for 2013. It’s an exciting destination development for the Palm and will benefit residents and tourists,” a Nakheel spokesperson told Gulf News.
Retail has been a significant component for the company’s growth. Nakheel recorded growth in leasing revenues last year, with retail revenues up 23 per cent in 2012 compared to 2011, according to results announced last month.
Nakheel Mall will cover over one million square feet and will be located at the top of the trunk in the Palm Jumeirah. RSP was announced as the designer of the mall last year when Nakheel announced plans for its Palm Mall.
Shaikh Mohammad gave the signal for the commencement of the projects after a briefing by company chairman Ali Rashid Lootah on Nakheel’s future investment projects.
Shaikh Mohammad asked for the addition of new attractive elements to attract tourists and investors from around the world.