Dubai: Nakheel will begin leasing the first zone of its Nakheel Mall by the end of the month and inviting construction bids before the middle of the year, the company’s officials said. Construction of the Dh2.5 billion mall is expected to be completed by 2016, Nakheel’s chairman Ali Rashid Lootah said following a presentation the company made to retailers today.

The developer is considering different finance options for the retail project, a Nakheel spokesperson told Gulf News. The company needs to raise Dh3.3 billion to build the Nakheel Mall on Palm Jumeirah as well as Dh800 million The Pointe shopping project.

Nakheel Mall, spanning one million square feet, will include five levels of retail, a roof top plaza with fine dining restaurants, a Butterfly Park and a direct link to the Marina Residences. It will be attached to a 300-room five star hotel of 40 storeys with a roof-top restaurant, swimming pool and lounge.