# Nakheel comes under deadline pressure



## dubaiflo (Jan 3, 2005)

Nakheel comes under deadline pressure
BY LUCIA DORE (Senior correspondent)

16 January 2006 


DUBAI — The enormity of Nakheel's projects and the ambition behind them cannot be disputed. But how is Nakheel, which positions itself as the UAE's premier property developer, managing to finance Dh110.1 billion ($30 billion) worth of projects?

And is Nakheel's failure to meet delivery deadlines — or not declaring them at all — and the frequently made accusations that it is failing to meet quality standards of construction damaging Nakheel's reputation?

Nakheel has 14 projects under construction including the world-famous Palm, The World, and Dubai Waterfront, which will add 1,500km of waterfront to Dubai. Last October, Nakheel calculated that over 100 towers of 25-storeys or more, mostly residential, will be completed between now and next July, another 100 by the end of 2006. 

This seems very optimistic. Palm Deira, the third development in Nakheel's flagship project, is the latest multi-billion dirham project to come under scrutiny. With a completion date of November 2009, according to the TEN Real Estate web site, this date has been moved back to 2015. However, the latest information on The Palm Deira available on the Nakheel web site is dated January 8 last year and gives no mention of completion dates. The TEN web site also states that The Palm Jebel Ali will be completed by mid-2008. The completion dates for the Palm's Trump Tower and the Dubai Waterfront are also unknown. 

According to a salesperson at Nakheel's sales office no properties would be available for purchase from Nakheel before the end of 2008. 

The Jumeirah Islands development is a good example of the impact of delayed completions. The first villas, costing in the vicinity of Dh1.9 million to Dh2.4 million in the primary market, were not ready until August last year, 18 months late. Other buyers are j ust moving in now.

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nothing real new there but a good read.


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## malec (Apr 17, 2005)

Well, it is pretty much impossible to build something the size of palm deira in a few years. Anyone should know that.

Good news is though, the villas on palm jumeirah are nearing completion so maybe it's still possible for people to start moving in at the end of next year


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## Krazy (Apr 27, 2004)

good example is that of JLT.. how many ppl still ebelieve that JLT will be ready by 2007 completely like nakheel promised us way back? impossible... i bet the downtown by emaar will be completed way before palm jebel ali or any other major nakheel project.. every single project by nakheel is a mess right now... even palm jumeirah is a year behind


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## dubaiflo (Jan 3, 2005)

one year? palm jum will be more than one years behind, easily.

i would say a major part of JLT could be done by end 2007 but not the whole project.


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## malec (Apr 17, 2005)

I'm not talking about the whole of palm jumeirah. Just the villas.


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## Dubai-Lover (Jul 4, 2004)

great

ten real estate is some random real estate broker
you know how much wrong data you can find there! wrong names and photos for buildings and this sort of stuff

nakheel never said palm deira will be ready by 2009 and who though it is, is a fool



now people make up news articles based on wrong info found on random websites hno:


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## Krazy (Apr 27, 2004)

yea but i bet this ten real estate's predicted 2015 deadline for palm deira could be very accurate considering the shear size of palm deira and knowing the problems nakheel has been having getting people to invest in this centipede shaped island... also let's not forget the mess JLT has gone through and is still going through for some plots. if i had the money and the choice, my money would definitely go into one of the emaar projects.


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