Nakheel to separate from Dubai World after June

Nakheel will separate from its Dubai World, its parent company, and become a government-owned entity after June when it expects to complete the restructuring process.

"Nakheel separation has not occurred as yet, but will happen once the restructuring is finalised which is due to be completed by June," a company spokesperson told Emirates 24/7.

The master developer has also dropped the idea of real estate investment trust (Reit), which it had proposed three years back.

"We are currently focused on the delivery of our government-approved operational plan."

In 2008, Nakheel said it plans to raise more than Dh2.8 billion through two Reits - a Dh800 million residential and another Dh2bn infrastructure Reit -both were planned to be listed in Dubai and Singapore.

Last month, Nakheel spokesperson told this website that its operational plan was fully funded by the Dubai government and it allowed the company to sell assets going forward.

"The operational plan in the later years does have ongoing sale of assets (land and built form) in the normal course of business. And the operational plan is fully funded by the Government of Dubai," the spokesman had said.

Nakheel is currently working on completion of projects such as Jumeirah Park, Al Furjan, Veneto and Badrah, Jumeirah Heights, Jumeirah Village South, Jumeirah Island and Palm Jumeirah.

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