Nakheel to expand Palm, Ibn Batuta early next year

Property developer Nakheel will embark on an expansion programme on three of its key projects, as early as next year, according to its chairman. Ali Rashid Al Lootah spoke to Emirates 24|7 on Sunday morning after he was present at the inauguration of a new Homes R Us outlet at Ibn Batuta mall. “We are looking at all the area in the medium and short term projects. We are looking at Palm Jumeirah’s big extension and expansion of Dragon Mart and possible expansion of Ibn Battuta mall. We are looking at the revamping of the projects.” Nakheel has recently announced the restart of several projects and expects to start building again on all-short term projects by the end of October. He also added that the property master developer will launch a Dh6bn sukuk by the end of this year, provided a deal was struck with all its creditors. The property developer is also in the early stage of negotiations for the listing of the sukuk on Nasdaq Dubai. “We expect to conclude talks and reach a deal with everyone – banks and trade creditors - by the end of the year,” Lootah added. He said agreement is on the way with bank and has achieved a “good percentage” of banks into its fold for the deal. “We are in the final stage of talks and reach deal with banks sooner than expected.” He said the company has no plan to sell assets in the short term despite increase in asset prices.