Nakheel gets cracking: 9 projects in 300 days

More than 25,000 workers have been mobilised to complete 8,000 housing units in 300 days, Ali Rashid Lootah, Chairman of Nakheel, was quoted as saying by Arabic daily Al Bayan.

He said: “The 25,000 workers are spread over nine projects. These projects were hampered by the global financial crisis, but currently Nakheel is dealing with them as top priority.”

The projects were identified as Garden View Villas, International City, Jumeirah Island, Badra and Fineto in Waterfront, Jumeirah Heights, Jumeirah Park, Jumeirah Village and Al Furjan.

Lootah added: “Ninety per cent of the contractors who stopped work at Nakheel sites after the crisis have returned to complete projects that the company classified as short-term.”

“Nakheel paid Dh7 billion to those contractors and others affected by the process of restructuring, including those whose debts are less than half a million dirhams.”

Lootah pointed out: “Nakheel has been able to regain the trust of construction and contracting industry and the clear evidence is the resumption of work at these nine projects.”

Shopping malls

He reiterated Nakheel’s commitment to develop four shopping malls, saying the company has received requests for booking space.

Two malls will come up in Discovery Gardens and Jumeirah Park.

Lootah denied the rumors about the existence of a Chinese investor in the expansion of Dragon Mart and said the company's is determined to revive its shopping center project for Palm Jumeirah by the end of the year.

The company will adds to its portfolio more than two million square feet of retail space, he said.
 
Rental stability

Lootah said that Nakheel continues to play an important role in providing stability to rental sector as the percentage of occupancy in the 20,000 housing units owned by Nakheel is very high.

“Nakheel will help stabilise the leasing market by reducing service fees for many projects by between 30% and 50% and that reduction will be applied according to the project in a timely manner,” Lootah said.

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