# NAKHEEL



## Imre

20/January/2008

TDIM 2008,mixed pics


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## Omaro

The Universe :S... 

Guys, was I drunk when I read news reports from Nakheel themselves saying that they are struggling to reclaim sand for the EXISTING manmade islands?! Where the hell are they going to find and use enough sand to use in a project that will take "up to 20 years" to be completed?

It's mind-boggling... Sheikh Mohammed's statement a couple or so years ago that what has been announced is only 10% of his vision for Dubai is true


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## Imre

if they want 5 million people in Dubai, this is still nothing, need more project 

What is the next?

something between the Palm Jumeirah and Pam Jebel Ali?


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## Sander-

So these coral islands will be lots of small randomly shaped islands scattered between PJ and PD inside of the world right? I can't say any of the pictures show this very clearly (?)


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## whonose

I'm incredibly curious as to what is hiding behind that silver curtain in the 2nd-to-last photo of Imre's most recent post above.


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## Imre

it was the Dubai Promenade


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## bizzybonita

Imre said:


> if they want 5 million people in Dubai, this is still nothing, need more project
> 
> What is the next?
> 
> something between the Palm Jumeirah and Pam Jebel Ali?


impossible to get 5millions people in short duration(2-5yrs) with income so high like those projects...i wanaa to give ma advice for all locals people to do somethin ...i prefer duplicate them self to get 5millions people by next year ....:nuts: what they can do the choices is limitedly!!!


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## helghast

Imre you didnt see or hear anything about big al burj


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## Naz UK

Why have the world's tallest tower, when you can have the world's most AAAAGHHASKLFPUKEFLAKERJ BAARRARFELLAAAAAAAAAAAAHHHHGGGHHHH!KILLME KILL ME NOWWWWWW, which they've named the Universe?


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## Naz UK

How many employees in total does Nakheel have?


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## Face81

Imre said:


> We will see new Al Bawadi masterplan as well



Did you see one?


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## AltinD

In Newspaper there was an ad for DREAMWORKS -SKG- Theme Park, comming from Tatweer.


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## Imre

Face81 said:


> Did you see one?


yes, missing the Burj Dubai and the Burj Al Arab but they have a small Chicago Spire


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## Red aRRow

Imre said:


>


 Is that Robert Mugabe?


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## Naz UK

Yes. He is Nakheel's official consultant for "how best to **** UP YOUR COUNTRY'S LAND!" Apparently he's an expert in that sort of thing.


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## Parisian Girl

*Dubai's Nakheel aims to raise $1.36 bln via REITS*
(Reuters)

21 February 2008

DUBAI - Dubai developer Nakheel is looking to raise about 5 billion dirhams ($1.36 billion) of equity to finance housing and infrastructure projects via an initial public offering of two real estate investment trusts (REITs).

Nakheel, owned by the Dubai government, is in talks with banks about creating two REIT companies -- one to help finance infrastructure schemes and the other to fund residential projects, Chief Financial Officer Kar Tung Quek told Reuters on Thursday.

Between them, the REITs would aspire to hold assets worth between 8 billion and 10 billion dirhams, Quek said.

“We’d sell assets into them,” said Quek, whose Nakheel is developing about $60 billion of residential and commercial projects -- mostly in Dubai -- including three palm-tree shaped islands off the emirate’s coast.

Nakheel wants to develop a business managing REITs, Quek said. “It’s fee based and quite a lucrative business,” he said. Typically, firms charge about 1 percent of the value for managing a REIT, Quek said.

A REIT is a listed property company which typically does not pay tax on its earnings as long as these are mostly distributed to investors in the form of dividends. They are prevalent in several countries including the United States, Australia, Japan, France and Britain.

Nakheel said it would retain control of about 30 percent of shares in each of the REITs, selling the rest to institutions and the public.

The infrastructure REIT would have an asset value of between 5 billion and 6 billion dirhams, and the residential REIT between 3 billion and 4 billion, Quek said.

”We have been talking with some of the banks about a residential REIT and an infrastructure trust,” Quek said. “If the market permits it, we will do it this year.”

The REITs will list on the Dubai International Financial Exchange, with possibly a secondary listing in Singapore, he said.


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## big mo

Naz UK said:


> How many employees in total does Nakheel have?


3500 excluding labour workers. I guess of you count them, then it would become 90,000. I do know Dubai World, the owner of Nakheel, has over 160,000 employees.


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## AltinD

^^ So much more then BBC, right?


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## Parisian Girl

*Nakheel looks to expand overseas with joint projects*

By Suzanne Fenton, Staff Reporter
Published: April 06, 2008, 00:31

Dubai: Master developer Nakheel believes expanding overseas is a "natural path", according to the managing director of The Palm Jebel Ali, Marwan Al Qamzi.

"Iconic projects such as The Palm islands and The World are recognised around the globe as symbols of Dubai and as a result, expanding Nakheel's business overseas is a natural path," said Al Qamzi.

"Nakheel International will take Nakheel's expertise in innovative development to countries around the world.

"This will include joint ventures with leading companies in targeted markets and development projects that deliver the innovation and expertise Nakheel is known for to select locations on almost every continent," he said.

The work on Palm Jebel Ali is progressing on schedule and at a rapid pace, with the first properties expected for completion by the end of 2011, according to Al Qamzi.

The Palm Jebel Ali is approximately 50 per cent larger than the Palm Jumeirah and more than 300 million cubic yards of sand and 10 million tonnes of rock have been used in its construction.

The island will add more than 100 miles of coastline to Dubai. Reclamation of the island is nearly complete and Nakheel has begun putting infrastructure in place that will eventually support a population of more than 280,000.

This includes the construction of six bridges by Samsung connecting the island to the mainland, which began in April 2007.

The reclamation began in October 2002 and the reclamation of land from the original masterplan was completed in 2007. Primary breakwater construction was finished in Dec-ember 2006 by Jan de Nul

*Blue communities*

Nakheel has committed Dh500 million over the next five years to Blue Communities, Nakheel's sustainability initiative launched under the direction of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

Nakheel is also in the process of developing its own environmental design of buildings and master planning guidelines, specifically designed for the types of projects it develops.

In addition, Nakheel has also created a sustainability department to ensure the integration of green building design into all their projects. This includes advising on strategies and materials that may reduce energy loads and water usage.

http://www.gulfnews.com/business/Real_Estate_Property/10203365.html


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## Parisian Girl

*Nakheel signs $375m Miami deal*
by Amy Glass on Thursday, 10 April 2008

*Dubai developer Nakheel has signed a $375 million (1.3 billion-dirham) deal with US group Fontainebleau Resorts for a 50% stake in the company's Miami Beach resort.*

The developer's subsidiary Nakheel Hotels has partnered with Las Vegas-based resort and casino developer Fointainebleau Resorts, for a $500 million renovation of the Fontainebleau Miami Beach Hotel.

Joe Sita, CEO at Nakheel Hotels, said on Thursday the deal provided Nakheel with a “premier entrance” into the Miami resort market.

“…the Fontainebleau fits perfectly into Nakheel's strategy of investing in the best assets in the most important markets worldwide…Miami, as one of the US's major gateways, has been a key target, which we are pleased to have now gained," Sita said in a statement.

Fontainebleau Resorts said in a statement the alliance was the beginning of partnership that would lead to other global “opportunities”.

The Fontainebleau, which is located on 17 acres of oceanfront, will comprise more than 1,500 luxury guest rooms and suites and a 40,000 square foot European-style spa when renovations are complete.

The project is expected to open in the last quarter of this year.

Nakheel Hotels was launched in November 2007 as the new name for Istithmar Hotels after Dubai World consolidated its hotel business to create an integrated hotel investment company.

The Nakheel deal follows news that state-owned conglomerate Dubai World has received permission to up its stake in US casino operator MGM Mirage.

Dubai World currently owns 9.4% of MGM through its subsidiary Infinity World but was granted approval on Tuesday from the Michigan Gaming Control Board to buy up to 14.9% shares in MGM. 

http://www.arabianbusiness.com/5162...take-in-the-companys-miami-beach-resort?ln=en


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## Imre

I have heard more workers were arested, and missing 1-2 billion usd only..
Managing Director in Paris and she doesnt come back to Dubai now

hopefully everything just gossip..


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## 234sale

http://www.gulf-news.com/business/General/10237646.html

Not just gossip


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## DUBAI

Coud we change the thread title, it seemed dumb before, and now we are even further off track...

But how you can embezzel 3billion dhs from any company is beyond me.

Did no one think to look at the accounts at any point?


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## HateTorch

DUBAI said:


> Coud we change the thread title, it seemed dumb before, and now we are even further off track...
> 
> But how you can embezzel 3billion dhs from any company is beyond me.
> 
> Did no one think to look at the accounts at any point?


To sidetrack abit ....
I was told by my Iraqi colleague that the Arabic culture is such that they always have a huge initial trust on you, treat you as a family friend, and without questioning you.
But once you have lost that trust, it will be extremely hard to earn it back.


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## bizzybonita

^^


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## DUBAI

Yeah, but unless your name is Al-Futtaim, running a family isnt quite like runing a multi billion dollar business.


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## AltinD

^^ Even the Al Futtaim brothers split in not so "good family" terms :runaway:


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## smussuw

from what Ive heard the issue was about taking commissions from investors, didn't hear about billions being stolen !


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## mackie1964

AltinD said:


> ^^ Even the Al Futtaim brothers split in not so "good family" terms :runaway:


I was in Egypt recently and not far from the Hotel I was staying in (JW Marriott), Al Futtaim are building a new Festival City. Emaar and Damac are doing very large projects there too.


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## PakFan

DUBAI said:


> Coud we change the thread title, it seemed dumb before, and now we are even further off track...
> 
> But how you can embezzel 3billion dhs from any company is beyond me.
> 
> Did no one think to look at the accounts at any point?


I suppose the analogy is the situation in Investment Banks where individual traders exceed their trading limits and bypass their compliance departments to single-handedly run up billions of dollars worth of trading deficits.


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## Imre

*Dubai developer Nakheel reports threefold increase in sales *

-	Demand in the Arabian Gulf emirate set to outstrip supply until 2020 


Dubai, 7 September, 2008 - Nakheel, a Dubai World company and one of the world’s largest and most innovative real estate developers, today announced that 2008 sales to date are showing a threefold increase on 2007’s full-year figures. 

Nakheel’s portfolio, conservatively valued at US$80 billion, includes Dubai’s iconic coastal developments Palm Jumeirah, The World and Waterfront. Joint venture partners include US developer the Trump Organization, French hypermarket operator Auchan, and Mirvac, the Australian property developer. Hotel division, Nakheel Hotels, is the largest shareholder in Kerzner International, operator of the Atlantis and One&Only brands. 

In the year to date, more than 6,100 Nakheel units in Dubai have been sold (97 per cent) or reserved (3 per cent), exceeding the developer’s own ambitious targets. Unit sales in 2008 comprised more than two thirds apartment sales (68 per cent), over a quarter villa sales (27 per cent) and five per cent land plot sales. These units were released in 13 staggered launches between 1 January and 31 August 2008. A further 2,650 units will be released in 11 additional sales launches scheduled for the final quarter of 2008. 

Manal Shaheen, Director of Sales, Marketing and Customer Service at Nakheel, said:
“We are delighted but by no means surprised by this year’s phenomenal sales success. Demand for Nakheel’s Dubai properties continues to rise across residential and commercial sectors, and we see no signs of this demand abating. This year’s sales have even been immune to the usual summer dip in July and August, which indicates just how healthy the market is. 

“If you compare the expansive vision of Dubai to the construction capacity constraint, which is currently around 80,000 dwellings per year, and if you believe that population growth will continue to rise by 6-7 per cent per annum - a conservative estimate, then by 2020 we will still not have enough residences to meet demand - even with the staggering amount of homes that Nakheel is delivering over the next two decades.” 

Nakheel is providing 50 per cent of Dubai’s residential supply by building homes for three million people ranging from affordable housing to the ultimate in luxury living in order to meet the demands of Dubai’s growing population. The developer also plans to create 10 million sq ft of retail space through plans announced by Nakheel Retail. 

Manal Shaheen added: 
“Through bold decisions made by our leaders, Dubai has established ‘first mover’ advantage in the region, with clear property laws and legislation for the protection of the consumer. Homebuyers, including overseas investors, can buy property freehold, safe in the knowledge that legal watchdogs such as RERA exist to protect their best interests. This protection has a vital role to play in the long-term success and stability of Dubai’s real estate sector.” 

Dubai is increasingly becoming the business and tourism hub of the Middle East, and, with 1.7 billion people living within a four-hour flight radius of the Emirate, is set for continued future growth. Having already played a leading role in establishing Dubai as a leading tourism destination, Nakheel’s planned tourism projects will include up to 250 new hotels – a 50 per cent increase on the current number in the emirate. The Palm Jumeirah alone is more than doubling the number of beachfront hotels in Dubai, with more than 30 hotels and 14,000 rooms. Numbers of hotel and hotel-apartment guests in Dubai continue to show strong year-on-year increases, with 500,000 more guests in 2007 than 2006.
(Nakheel)


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## docc

2020? Hahahaha....nice.


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## Chanchamayo

waooooooo impresionante, se ve muy chevre , esa ciudad waoooooo crece cada cada dìa es impresionante, me imagino casa mes desconocer su ciudad y decir donde estoy?? jajaja... porque desmasiadas construcciones , espectacular.,
Saludos de Chanchamayo PERÙ


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## PakFan

^^ que senor? Hablas english?


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## Imre

*Nakheel, one of the world’s largest and most innovative real estate developers, has been named ‘Developer of the Year’ at the Arabian Business Achievement Awards ceremony and gala dinner, held last night at Atlantis, The Palm.*


Abdulla Bin Sulayem, Nakheel accepts 'Developer of the Year' award


*نخيل تحصل على جائزة أفضل مطور عقاري لعام 2008 من ارابيان بزنس*

للنشر الفوري
دبي- 15 ديسمبر 2008

فازت شركة نخيل، كبرى شركات التطوير العقاري في دبي، بجائزة "افضل مطور عقاري للعام 2008" وذلك ضمن جوائز مجلة "ارابيان بزنس" للانجازات، ووسط حفل اقامته المجلة مساء امس في فندق اتلانتس الواقع في النخلة جميرا.

وكانت نخيل قد انتزعت اللقب بعد منافسة قوية مع نخبة من الرواد في مجال تطوير المشاريع السكنية والتجارية والصناعية في دول مجلس التعاون الخليجي، وبموجب تصويت هيئة التحكيم التي تتألف من نخبة من قادة الاعمال وكبار المحررين والمدراء في مجموعة "آي تي بي" للنشر.

وقد حضر الاحتفال الذي يعد تكريما للانجازات المتميزة خلال 2008 نخبة رجال الاعمال ورواد المشاريع في المنطقة.

وفي تعليق له حول الفوز بالجائزة قال كريس أدونيل، الرئيس التنفيذي لنخيل: "اننا نعتز بالحصول على جائزة "افضل مطور عقاري للعام 2008" من مجلة ارابيان بزنس. وأود بهذه المناسبة أن أتوجه ببالغ الشكر والامتنان لأعضاء فريق العمل على ما بذلوه من جهود جماعية أثمرت تحقيقا لما كان يُعتقد بأنه مستحيل. لقد اطلقنا خلال 2008 مجموعة من المشاريع التي تخطت حدود الخيال، والتصميم والهندسة" .

من جانبه، قال وليد عكاوي، الرئيس التنفيذي لمجموعة آي تي بي: "ان جائزة "افضل مطور عقاري للعام" هي من اكثر فئات الجوائز اهمية، حيث تشهد تنافس اكثر المطورين العقاريين ريادة في المنطقة. وان الانجازات التي حققتها نخيل خلال الاثنى عشر شهرا الماضية كانت متميزة بكل ما للكلمة من معنى، حيث تم اطلاق مجموعة من اكثر المشاريع ابداعا في المنطقة، والتي تحمل توقيع نخيل. والى جانب هذه المشاريع المتميزة، فقد واصلت نخيل تطوير مجموعة من مشاريعها التي تتميز بالجودة والاسعار المناسبة. ومن اجل كل هذه الاسباب، اخترنا منح نخيل جائزة "افضل مطور عقاري للعام 2008"".

واضاف: "ان جوائز ارابيان بزنس هي تكريم للاعمال الرائدة في المنطقة، وتكريم للانجازات اليومية المؤثرة".

وتُسهم نخيل في رسم أهم ملامح التحول في خريطة دبي العقارية عبر تطوير العديد من المشاريع المبتكرة، حيث تعمل على إضافة 1000 كيلو متر للشريط الساحلي لدبي عبر سلسلة من المشاريع الأكثر ابتكارا في العالم من قبيل ثلاثية جزر النخلة وجزرالعالم. وتشير الدراسات بأن نخيل سوف تقوم بإمداد نحو 50 بالمائة من احتياجات دبي السكنية، وذلك بتطوير منازل تستوعب 3 ملايين نسمة، كما تخطط لتطوير 10 مليون متر مربع من مساحات التسوق. 

وبعد أن لعبت دورا بارزا في تعزيز مكانة دبي كوجهة سياحية رائدة في المنطقة والعالم، تخطط نخيل إلى بناء نحو 250 فندقا جديدا، أي بنسبة زيادة قدرها 50 بالمائة مقارنة مع عدد الفنادق الحالية في الإمارة، ستبرز من بينها فنادق "نخلة جميرا" والتي يبلغ عددها 30 فندقا تحتوي على 14000 غرفة فندقية، من شأنها أن تضاعف عدد الفنادق الشاطئية في إمارة دبي. 

-انتهى- 



نبذة عامة حول شركة "نخيل": 
تعد "نخيل"، إحدى كبرى شركات التطوير العقاري الخاصة في العالم، ولاعباً أساسياً في تحقيق رؤية دبي للقرن الحادي والعشرين، وهي: خلق الوجهة العالمية للتجارة والسياحة.

تشتمل حقيبة مشاريع "نخيل" في الوقت الحالي على مجموعة متنوعة من المشاريع في دبي وفي مختلف القطاعات وهي السكنية والتجارية والتجزئة الترفيهية. تنتشر هذه المشاريع على أكثر من ملياري قدماً مربعاً من الأراضي والتي يتوقع أن تصل قيمتها إلى أكثر من 80 مليار دولار أمريكي. كما ستعمل المشاريع المائية لنخيل على إضافة أكثر من 1000 من الشواطئ لسواحل دبي. 

تضمّ حقيبة مشاريع "نخيل" حالياً جزر النخلة جميرا والنخلة جبل علي والنخلة ديرة وجزر العالم وجزر الكون والواجهة المائية وجزر الجميرا وقرية الجميرا وجميرا بارك ومرتفعات الجميرا وبروميناد والحدائق وحدائق ديسكفري وابن بطوطة مول والفرجان والمدينة العالمية ومجمع التنين ومركز دبي للتصميم. 

وتعد "نخيل" جزءاً أساسياً من دبي العالمية، وهي إحدى كبرى شركات التطوير، ومشرفة على حقيبة أعمال ومشاريع حكومة دبي عبر خمسة قارات وفي أكثر من 100 دولة.


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## Imre

from the Nakheel:

*Largest landscape nursery in UAE flourishes at Nakheel's Waterfront*

-156,000 plants, shrubs and trees now growing-
-50 hectare area of land at Waterfront-

Dubai, 22 December 2008 – Nakheel, Dubai's master-developer, today announced that 156,000 plants, shrubs and trees are currently growing at Waterfront Landscape Nursery and are intended to grow around 4 million plants per year. Created a year ago from a harsh desert environment, the 50 hectare nursery is now the largest in the UAE. The plants, shrubs and trees will be used for landscaping across the extensive Waterfront and Palm Jebel Ali developments and other projects.

Extensive greenhouse areas have been created at the nursery for growing plants from seed and large shaded areas are used for bringing the plants on. 20 hectares of the 50 hectare site have been laid with soil for growing grass with 7.5 hectares of grass having already been planted. Irrigation works in the Nursery are provided from the treated effluent water from the sewage treatment plant in Omran Workforce Accommodation.

The nursery marks a significant sustainability initiative from Nakheel. With the nursery serving multiple developments, and taking "mother stock" cuttings from the Gardens, waste is reduced. Nakheel has also put together a green waste proposal which could see cuttings from established trees and shrubs in established Nakheel developments collected and brought to the nursery where they will be turned in to compost, cutting down not only on waste, but also Municipality costs. 

Matt Joyce, Managing Director of Waterfront said:

"We are delighted with the progress our nursery has made since its creation a year ago. With the use of large greenhouses and shaded areas, our plants are flourishing amidst the desert. 

There has been a lot of interest in the plants and trees already - we have taken our first order from the Badrah project within Waterfront, and had enquiries from Palm Jumeirah. Interest is set to grow further as the development progresses".

The nursery is just one example of sustainability initiatives at Waterfront; Nakheel, Mouchel and GESolar have undertaken a joint venture to investigate solar power’s feasibility on a large scale. A solar panel has been installed outside the Nakheel Waterfront Design Office and will be monitored for the effects of weather, global radiation and lack of panel maintenance. With the region’s strong exposure to the sun, solar energy could provide heat, lighting, mechanical and electrical power, with solar panels providing shade.

Waterfront is on track to becoming the exemplar sustainable city founded on resource efficiency, social equity, and economic prosperity. Minimizing ecological impact is considered in every decision of the city's design, construction and operation.

The Waterfront Nursery 











At the original site of Waterfront Nursery 











A year on at Waterfront Nursery 










:banana::banana::banana::banana::banana:


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## Imre

*Nakheel receives travel and tourism accolade 
Opening of Atlantis and QE2’s arrival take two places in the 
Daily Telegraph’s list "Ten top travel and tourism events of 2008" *


Dubai, 21st December 2008: Nakheel, Dubai's master developer, today celebrates as Palm Jumeirah has two of its famous icons placed sixth and seventh in the Daily Telegraph’s ten top travel and tourism events of 2008. The Daily Telegraph is one of the UK’s leading newspapers. The opening of Atlantis, Palm Jumeirah's flagship resort, was placed at number six, tied in with the meteoric rise of the Middle East’s tourism industry and followed closely at number seven by the arrival of QE2, set to become a floating resort at Palm Jumeirah.

The opening celebration of Atlantis in November saw the entire Palm Jumeirah island and its flagship hotel lit up in a spectacular fireworks display, attended by a host of celebrities and watched by spectators the world over. In an exciting week for Palm Jumeirah, QE2 was welcomed by excited crowds to Dubai six days later. 

Once refurbished, QE2 will form an integral part of Palm Jumeirah's tourism attraction where she will become the centre-piece of a residential, entertainment, marina, and hotel development. With these events recognised as two of the most influential travel and tourism events of 2008, Palm Jumeirah enters 2009 on a high. 

Johann Schumacher, Managing Director, Palm Jumeirah, said:

"This is a proud day for Palm Jumeirah, which is rapidly evolving from an
engineering marvel and iconic landmark into a world-class tourism destination, as shown by the recent Daily Telegraph list.

"With QE2, Atlantis, the permanent Cirque du Soleil theatre, Palm Monorail and a number of five star hotels opening over the coming years, Palm Jumeirah is set to become the centre for tourism entertainment in Dubai."

Manfred Ursprunger, CEO of QE2 Enterprises, Nakheel Hotels, said:

"After such a warm welcome to Dubai, QE2's new beginning could not have got off to a better start. With plans for the refurbishment of QE2 and the surrounding precinct on Palm Jumeirah to include fine-dining restaurants, a wellness spa and centre, and a luxurious, West-end style theatre, we see QE2 as a top travel and tourism destination for many years to come." 

Palm Jumeirah is one of the world’s largest man-made islands and home to a residential, tourism, and leisure destination created by Nakheel, a driving force in Dubai’s transformation into one of the fastest growing cities in the world. 

Proudly positioned as Nakheel’s flagship development, the glamorous, innovative, and ambitious Palm Jumeirah is a truly unique development which has been at the forefront of Dubai’s growth as an internationally recognised tourism and business destination.

(Nakheel)


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## dubaiflo

Now that's cool actually, that nursery.


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## Bon Vivant

*NAKHEEL INTERNATIONAL*

What an incredible projects created by Nakheel . . . :nuts:

And what about Nakheel´s International projects or investment plans? . . . 

I heard they just bought a luxurious resort in Los Cabos, México . . .

The Palmilla Hotel, managed by One & Only Resorts . .

I would love to see in México City at least a couple of these towers builded by Nakheel :cheers:


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## bizzybonita

Nakheel has enough cash to complete projects 

on Tuesday, December 23, 2008 

Nakheel, the real estate arm of Dubai World, yesterday said it has enough cash to complete existing projects and foresees "no issues" when its $3.52 billion (Dh12.9bn) sukuk matures in December 2009, its CEO said.

The developer has no plans to sell an equity stake to a sovereign wealth fund, a spokesperson added. Neither is there any discussion on merging with sister company Limitless.

"We expect the debt markets to improve and as such we do not foresee any issue regarding the expiry of our November 2009 sukuk," Nakheel Chief Executive Chris O'Donnell said The sukuk, issued on November 29, 2006, is trading at a yield to maturity of 17 per cent.

O'Donnell had said in October Nakheel would study various options, including a share issue, on paying down the sukuk. He said Nakheel has enough cash to fund existing projects but would not launch new developments. 

It will launch real estate investment trusts "when market conditions permit", the spokesperson said.

http://business24-7.ae/Articles/2008/12/Pages/12232008_8d69cb636e5b4ccaacfbca8cdd3f7876.aspx


----------



## docc

^^ Exactly.


----------



## Naz UK

The fact that Nakheel still exists and their directors are not in prison is big enough news to last the year, really.


----------



## dbxdude

Naz UK said:


> The fact that Nakheel still exists and their directors are not in prison is big enough news to last the year, really.


I think 13 Australians are currently in Jail... hno:But i think they are mangers not directors...


----------



## flares

dbxdude said:


> I think 13 Australians are currently in Jail... hno:But i think they are mangers not directors...


bloody convicts...


----------



## Dandharma

dbxdude said:


> I think 13 Australians are currently in Jail... hno:But i think they are mangers not directors...


jeez way to start a BS rumour....

and as for the big news?? happened yesterday, 100 (or 50%) of sales marketing team were 'let go'

how many emiratis were let go? 0%


----------



## Old Town Lovin...

I wonder how they pick the scapegoats... what does one have to do be one of the lucky few to get selected...


----------



## Richard Head

Old Town Lovin... said:


> I wonder how they pick the scapegoats... what does one have to do be one of the lucky few to get selected...


Seems like being Australian puts you at the top of the list. That and going to work in your Lamborghini when you're earning 25k a month.


----------



## dbxdude

Richard Head said:


> Seems like being Australian puts you at the top of the list. That and going to work in your Lamborghini when you're earning 25k a month.


:lol::lol:


----------



## AltinD

Hey, maybe he won that black Gallardo on the raffle-draw that Virgin (Megastore) had some times back ... way to be so judgmental hno:


----------



## Parisian Girl

*Nakheel confirms delay to $3bn mall plans*










by Alex Delmar-Morgan on Tuesday, 24 March 2009

*Dubai’s biggest private developer Nakheel confirmed on Tuesday it has delayed its $3bn mall expansion programme by 12 months as the economic downturn bites but added that it remain committed to the projects.*

In April last year, the company’s retail division unveiled an ambitious shopping mall development programme across the UAE and said it would build five new projects including one on the Palm Jumeirah.

A spokesman for Nakheel, which is developing Dubai’s artificial palm-shaped islands, said on Tuesday: “We have the responsibility to adjust our short term business plans to accommodate the current global environment; our short-term business model is aligned to meet market demand.

“Design work and site preparation for Nakheel Retail’s expansion plans has been delayed for 12 months however Nakheel Retail is committed to its expansion plans and will announce a new completion target date in due time,” the spokesman added.

Fallout from the global credit crunch has led to a string of cancelled and delayed projects in Dubai.

Australia’s largest department store operator Myer earlier on Tuesday announced it had put on ice plans to expand into Dubai because Nakheel had delayed building the centres Myer was looking at.

Nakheel is owned by state-backed investment group Dubai World. 

http://www.arabianbusiness.com/550543-nakheel-confirms-delay-to-3bn-mall-plans


----------



## Parisian Girl

*Nakheel delays $3bn mall work*










By Reuters on 3/25/2009

Nakheel said its retail unit had delayed by 12 months its $3 billion (Dh11bn) mall expansion plans.

"Design work and site preparation for Nakheel Retails expansion plans has been delayed for 12 months," it said yesterday.

"We have the responsibility to adjust our short-term business plans to accommodate the current global environment; our short-term business model is aligned to meet market demand," it said.

The property firm said in April last year it would develop five shopping malls in the UAE at a cost of $3bn.

Earlier, Myer, Australia's largest department store chain, said any expansion into Dubai was on hold as Nakheel, its partner, had postponed building the centres Myer would have entered.

http://www.business24-7.ae/Articles/2009/3/Pages/03252009_5d5e3700394245a5acb3d6ed9525dbbb.aspx


----------



## BinDubai

not unexpected, why build a mall at a time when no one is willing to spend ? 

they should wait till the market is on an upturn and start building before recovery so they can get the benefits of cheap building materials and the benefits of strong sales in recovery.


----------



## Richard Head

BinDubai said:


> not unexpected, why build a mall at a time when no one is willing to spend ?


Because you sold people a lifestyle dream that didn't include living next to a facking great big hole in the ground?




BinDubai said:


> they should wait till the market is on an upturn and start building before recovery so they can get the benefits of cheap building materials and the benefits of strong sales in recovery.


Yeah, time after time Nakheel have demonstrated the ability to time that kind of move to perfection.:bash:


----------



## BinDubai

Richard Head said:


> Because you sold people a lifestyle dream that didn't include living next to a facking great big hole in the ground?
> 
> 
> 
> 
> Yeah, time after time Nakheel have demonstrated the ability to time that kind of move to perfection.:bash:


well the dream would have came to existence if your bank , politicians and economists knew how to do their jobs properly :lol: amiryte here guys :lol:


----------



## docc

Got a chance to see Alegria today. I have to say that it was simply fantastic. Anyone who has an opportunity to see shouldn't miss it for anything!


----------



## Imre

*Hoop Madness! – Basketball Tournament returns to International City*

- April 17th and 18th, China District, International City

Dubai, 15 April 2009: Nakheel, in association with MPAC Sports, is hosting ‘Hoop Madness Tournament’, a two day basketball tournament open to teams of five. The tournament will run from 8:00am-6:00pm on 17 and 18 April at the China District of Nakheel’s International City.
The tournament will comprise of three divisions: Men; Women; and High School. Cash Prizes are on offer for the winners in every division. Each division is open to a maximum of 32 teams, and places can be booked by calling MAC Sports on +971 (0)50 142 9330 or visiting Nakheel Asset Management & Design Office in International City between 7.30 am and 4 pm Sunday to Thursday, or Dubai International Academy between 6pm to 8pm every Sunday and Thursday. Registration fee is AED750 per team.
Esam Hassan Saleh, Director Community Management & Leasing, International City, Nakheel, comments:
“The basketball tournament is a great way to bring the International City community, spectators and participators alike, together. It is a great day out for all the family and a chance for the Emirate’s finest players to showcase their talents. 
“Last year’s event was a huge success with 20 teams from all over Dubai coming down to International City, and we are sure this year’s event will be just as popular.”
This will be the second basketball tournament held at International City and follows the success of last year’s tournament which saw 20 teams battle it out on court with the team representing Russia winning the prestigious title.
International City provides a diverse range of affordable accommodation options in an accessible living environment. Truly international in its design, the project’s Residential District is divided into ten internationally themed communities representing, China, England, France, Greece, Italy, Morocco, Persia, Russia, Spain and Emirates. International City is situated in Dubai’s Al Warsan area, 12 kilometers from Dubai International Airport.


----------



## Parisian Girl

*Dubai’s Nakheel receives bail-out cash*

By Simeon Kerr in Dubai

Published: May 11 2009 09:34 | Last updated: May 11 2009 19:12

The developer behind some of Dubai’s most extraordinary property projects revealed on Monday that it had resorted to taking funding from the emirate’s department of finance to help pay invoices.

Nakheel, the government-owned developer that built projects such as the Palm Jumeirah island constructed out of reclaimed land to resemble palm fronds, received funding from the emirate’s $5bn disbursement of funding aiming to help state-linked companies.

The announcement sheds light on the way a $10bn bail-out loan to Dubai has been distributed. Dubai, one of seven members of the United Arab Emirates, received the funds from the federal central bank in February.

Nakheel is the architect behind some of Dubai’s most grandiose schemes. The Palm Jumeirah is one of six offshore developments announced during the property boom that tracked the rise in oil prices and easy credit.

Nakheel, part of the same Dubai World holding group that includes ports operator DP World and investment company Istithmar, initially downplayed the impact of the crisis but has since had to slash staff and postpone landmark projects, including the Trump Tower on Palm Jumeirah.

The company on Monday confirmed it had received an injection of cash from the government, without revealing the amount, adding that it was restructuring some payment plans with suppliers. Last month, the government said it had loaned $5bn from the $10bn federal loan to help state developers pay outstanding invoices.

Nakheel’s projects have been hit by the property crash that has seen prices collapse by more than 40 per cent just in the last quarter. Its woes are compounded by the maturity of a $3.5bn sukuk – a bond structured to comply with Islamic principles – in December, regarded by analysts as the government’s main headache as it manages its overall debt pile of more than $75bn.

The refinancing risk prompted the Gulf’s business hub to launch a $20bn bond programme in February, half of which was fully subscribed by the UAE central bank, which is part of the federal government, bankrolled by oil-rich Abu Dhabi. The second $10bn tranche has been underwritten by the central bank, but Dubai is also considering raising the cash from foreign investors.

Contractors say developers such as Nakheel have started to honour some – but not all – payments, after months of delay.

Additional reporting by David Fickling in London

Copyright The Financial Times Limited 2009

http://www.ft.com/cms/s/0/b5a43314-3e04-11de-9a6c-00144feabdc0.html


----------



## Parisian Girl

*Nakheel to pay a fraction of debts*

13 May, 2009 | By Ed Owen 

*Cash-strapped Dubai developer Nakheel is to offer consultants and contractors just 65% of the money it owes them, NCE has learnt.*

Nakheel is one of the most high-profile developer in Dubai, with the government-backed firm responsible for the famous palm-shaped islands and ‘World’ and ‘Universe’ island developments.

But last month NCE revealed that the developer was close to bankruptcy, with analysts estimating that it owed consultants up to £200M.

Last week the Dubai government bailed it out with cash from a successful bond issue worth £13.3bn (US$20bn), with neighbouring Abu Dhabi buying half the offering.

Despite this, NCE understands that consultants will struggle to get paid in full for work done.

“One of the offers on the table is for firms to get 65% of their consultancy fees, with the understanding that in doing so, they waive their legal rights [to further payment], ” Association for Consultancy and Engineering chief executive Nelson Ogunshakin told NCE.

“We also believe UK firms may be further down the pecking order, and indigenous suppliers are given a preference,” he said, adding that the money owed to global consultants will top £400M.

The ACE has approached business secretary lord Mandelson to step in on behalf of British consultants.

“We want to take action where appropriate, but the UK is one of the biggest players in Dubai, and this relationship must not be damaged,” he said.

He added that Nakheel may not be the only Dubai firm to be in trouble. “Nakheel’s troubles are visible, but there are other investment vehicles trying to play the same game,” he said.

Nakheel refused to comment on the details of payments to consultants. “We have benefited from an injection of capital from the bond issue. The value and other details relating to this funding remain confidential.”

Nakheel’s problems stem from difficulties in securing pre-construction sales on property space. Its cashflow dried-up when its housing market collapsed in September 2008, leaving no money to pay consultants or contractors.

Consultants had previously warned that allowing Nakheel to collapse would have damaged the reputation of the Emirate.

Numerous consultants had reported cash collection issues in the Emirate, although it is unclear how much is owed to them by Nakheel.

Mouchel reported it was chasing £23M in Dubai, “the vast majority being due from the local state backed development companies”.

Atkins is owed £25M in the whole Middle East market, Scott Wilson between £4M and £6M and WSP an undisclosed sum.

http://www.nce.co.uk/news/business/nakheel-to-pay-a-fraction-of-debts/5201913.article

*Nakheel to pay a fraction of debts*

*The Nakheel Tower*









The Nakheel Tower is amongst projects to have been cancelled by Dubai-based developer Nakheel


----------



## Naz UK

That's great news! Another shit company goes bust. Serves them right.


----------



## Garden city

Parisian Girl said:


> *Nakheel to pay a fraction of debts*
> 
> 13 May, 2009 | By Ed Owen
> 
> *Cash-strapped Dubai developer Nakheel is to offer consultants and contractors just 65% of the money it owes them, NCE has learnt.*
> 
> Nakheel is one of the most high-profile developer in Dubai, with the government-backed firm responsible for the famous palm-shaped islands and ‘World’ and ‘Universe’ island developments.
> 
> But last month NCE revealed that the developer was close to bankruptcy, with analysts estimating that it owed consultants up to £200M.
> 
> Last week the Dubai government bailed it out with cash from a successful bond issue worth £13.3bn (US$20bn), with neighbouring Abu Dhabi buying half the offering.
> 
> Despite this, NCE understands that consultants will struggle to get paid in full for work done.
> 
> “One of the offers on the table is for firms to get 65% of their consultancy fees, with the understanding that in doing so, they waive their legal rights [to further payment], ” Association for Consultancy and Engineering chief executive Nelson Ogunshakin told NCE.
> 
> “We also believe UK firms may be further down the pecking order, and indigenous suppliers are given a preference,” he said, adding that the money owed to global consultants will top £400M.
> 
> The ACE has approached business secretary lord Mandelson to step in on behalf of British consultants.
> 
> “We want to take action where appropriate, but the UK is one of the biggest players in Dubai, and this relationship must not be damaged,” he said.
> 
> He added that Nakheel may not be the only Dubai firm to be in trouble. “Nakheel’s troubles are visible, but there are other investment vehicles trying to play the same game,” he said.
> 
> Nakheel refused to comment on the details of payments to consultants. “We have benefited from an injection of capital from the bond issue. The value and other details relating to this funding remain confidential.”
> 
> Nakheel’s problems stem from difficulties in securing pre-construction sales on property space. Its cashflow dried-up when its housing market collapsed in September 2008, leaving no money to pay consultants or contractors.
> 
> Consultants had previously warned that allowing Nakheel to collapse would have damaged the reputation of the Emirate.
> 
> Numerous consultants had reported cash collection issues in the Emirate, although it is unclear how much is owed to them by Nakheel.
> 
> Mouchel reported it was chasing £23M in Dubai, “the vast majority being due from the local state backed development companies”.
> 
> Atkins is owed £25M in the whole Middle East market, Scott Wilson between £4M and £6M and WSP an undisclosed sum.
> 
> http://www.nce.co.uk/news/business/nakheel-to-pay-a-fraction-of-debts/5201913.article
> 
> *Nakheel to pay a fraction of debts*
> 
> *The Nakheel Tower*
> 
> 
> 
> 
> 
> 
> 
> 
> 
> The Nakheel Tower is amongst projects to have been cancelled by Dubai-based developer Nakheel


Just makes me wonder why did they ever launch the Nakheel tower project when real estate downturn had already started. I recall they were like "these changes are just small blips and we have planned for this tower for years and do not see any reason not to launch it now" or something like that. Amazing to see how a company could go from launching one of the most ambitious project to not being able to pay its debts in a matter of months.

Just shows the amount of planning and foresight that they have.


----------



## gerald.d

AltinD said:


> Nakheel is considering sending the QE2 to Cape Town and dock it as a hotel there. :lol:


I can't imagine the Somali pirates letting a prize like the QE2 get through their waters without being hijacked.


----------



## Cayman

^^
For scrap?


----------



## Cayman

But, on a more serious note, this means that Nakheel are serial breakers of promises.

They continue to 'talk big' and not deliver. 

I cannot believe they paid that kind of money (was it USD 80M?) during the days of 'irrational exhuberace' for a ship-wreck that was about to be scrapped. To put things in perspective, USD 80M is the price of a brand new Airbus A-330 widebody jet liner.


----------



## Adam2707

*Confirmed by Nakheel: The QE2 will go to Cape Town for 18 months during the world cup.*

Nakheel officially confirmed to The National that the ship is destined for Cape Town (pending two final approvals from the local port authorities) to be a floating hotel for 18 months during the FIFA World Cup.

It comes across as an astute business move for a few reasons: 
*A.* Dubai World can earn money during a period when the ship would have just sat empty as the company refurbished it. 
*B.* It will also increase traffic to Dubai World's Victoria & Alfred Waterfront attraction which is right next door to the port where the ship will be berthed.

Link


----------



## 234sale

C: It will just rust in Dubai


----------



## Cayman

Adam2707 said:


> *Confirmed by Nakheel: The QE2 will go to Cape Town for 18 months during the world cup.*
> 
> Nakheel officially confirmed to The National that the ship is destined for Cape Town (pending two final approvals from the local port authorities) to be a floating hotel for 18 months during the FIFA World Cup.
> 
> It comes across as an astute business move for a few reasons:
> *A.* Dubai World can earn money during a period when the ship would have just sat empty as the company refurbished it.
> *B.* It will also increase traffic to Dubai World's Victoria & Alfred Waterfront attraction which is right next door to the port where the ship will be berthed.
> 
> Link


"astute business move...", by Nakheel...really? 

To me it sounds like damage control, trying to make 'something' out of a extremely bad businees decision.


----------



## 234sale

http://www.arabianbusiness.com/5625...ith-fraud-after-six-month-jail-stint---report
Two Nakheel employees have been formally charged with fraud after spending six months in jail without charge, according to media reports.


----------



## 234sale

http://www2.nakheel.com/newsletter/letter_from_ABS.html


----------



## dubsolos1

The shoreline apts owners are probably very happy to keep their sea view instead of having a 'big old rusty ship' view.


----------



## Opus 2009

absolutely! I spent days worrying about how badly the view will be compromised. Fortunately it wasn't too bad from a higher floor. Still good to know that there will be unobscured view for a few more years.


----------



## Adam2707

what are yo talkin about?
The QE2 you be an amazing view to look out on to. 
It's one of the best looking transatlantic liners ever built. And properly one of the most famous. 
From the right distance it will only improve the view rather than compromise it.

Besides, its not as if it right in front of the apartments.


----------



## Cayman

^^
Sea facing Shoreline apartment owners were promised a pristine beach, views of the Burj Al Arab (from a distance) and their own club houses with ample beach park space in a quiet enclave.

That is exactly what they have today.

If you have actually been there, you will know what I am taking about.

With QE2 what they will get is a building partially covering most of the lower apartment views, incessant vehicular activity, strangers walking by their beach and above all a hunk of rusted metal that no-one (except the so-called 'astute' businessmen in Nakheel) wanted.


----------



## Cayman

Besides, it will destroy the symmetry of the Palm forever, unless someone salvages another wreck and convince Nakheel to buy it to be placed along the Jebel Ali side of the trunk.


----------



## DUBAI INVESTOR

Anyone in Nakheel's Jumeirah Park phase 1 ? Handover date supposed to have been August 2009 but looks far from ready and Nakheel are staying mute on the subject...to re sign my current rental lease for another year or....hmm..anyone in Jumeirah Park with info ?


----------



## nagshah

Is it true what we hear that all Nakheel project will stop????


----------



## Imre

nagshah said:


> Is it true what we hear that all Nakheel project will stop????


Which projects still U/C for them?

I saw many sites with around 20-30 workers, looks like just a joke, not a really construction

If you see the Emaar , they are still working on the Burj Dubai, The Lofts,Boulevard Plaza, Marina Mall Complex, Park Island and Marina Quays, thats all, when they finish those projects will have nothing U/C.


----------



## ruwais7

nakheel can deliver good stuff but they are too weak now when they are demanded to deliver 3 or 4 on a time. they cant handle it. no balls.


----------



## liamC

Clock ticking on Nakheel debt

Investors are watching intently as time runs down on the developer’s US$3.52 billion sukuk, and a $300 million instalment on another loan. They await some clue as to how their investments in Dubai-government backed firms will fare in the global financial crisis.

Nakheel, the developer behind Dubai’s palm-shaped islands, is quickly running out of time and options to handle a US$3.52 billion (Dh12.92bn) debt that comes due in December.

The Islamic bond, or sukuk, must be repaid on December 14. But Nakheel, which has fallen on hard times since property prices in Dubai dropped at the end of last year, so far has not arranged a refinancing or restructuring of the bond. 

With Ramadan approaching at the end of this week, analysts and bankers say time is running short for Nakheel to find a way to pay off or restructure the debt, which has emerged as one of the emirate’s biggest challenges.

As Nakheel is a subsidiary of the Dubai Government-owned Dubai World, the sukuk is also seen as a bellwether for Dubai’s readiness and ability to come to the rescue of state-linked companies that have felt the brunt of the financial crisis.
It “remains a major test of the Government’s willingness to support state companies”, Moody’s Investors Service said last week.

Nakheel declined to comment on its forthcoming debt repayments.
Some or all of the money to repay the debt may come from a $20bn bond programme the Dubai Government launched in February. Under the programme, the Government is borrowing the funds in two tranches and plans to use them to support the emirate’s Government-linked companies.

Dubai borrowed the first $10bn tranche from the Central Bank and it has been suggested that the second $10bn may come from a combination of the bank and international investors.

James Sadler, the head of debt markets for the Middle East and Africa at UBS, told Bloomberg last week that the second $10bn tranche had to be raised soon, in part because of Nakheel’s looming bond maturity.

To “facilitate some sort of restructuring through a tender offer or cash incentive to extend the Nakheel’s bond maturity, Dubai needs fresh money”, Mr Sadler said. “They will need to raise the $10bn sooner rather than later.”

Getting fresh money, though, is not Nakheel’s only challenge. According to one banker, who declined to be named, time has also become a pressing issue. A restructuring or refinancing deal would probably take between two and three months, given the complexity of the sukuk and the need to give investors time to respond to proposals.

“Restructuring in its own requires time, so as we get closer to December and no announcements are made, investors rule out the possibility of restructuring,” the banker says.

If Nakheel were to start the process at the end of Ramadan, traditionally a quiet period for investors and markets, it would have less than three months to work out a solution acceptable both to Nakheel and the sukuk-holders, 75 per cent of whom would have to approve any restructuring.

The company has been approaching large investors in its sukuk since late last year, bankers say, but no major progress has been made.

Ironically perhaps, Nakheel’s state backing may be as much of a hindrance as a blessing in its restructuring efforts. In order to have investors accept a restructuring, which may involve extending the maturity of the sukuk, buying back shares, paying off the debt with new loans or a combination of those measures, Nakheel has to show that it is in real danger of defaulting.

If investors think the Government is likely to step in and back Nakheel, agreeing to a restructuring would not make sense if it were to leave them with anything less than full repayment.

This factor, according to another banker, may be helping to push negotiations forward. Investors simply may be more likely to jump on the restructuring bandwagon as the bond’s maturity nears and the possibility of a default becomes more palpable.
Investors do not want to have to write off the debt, but nor would they like to accept an unfavourable restructuring deal if Nakheel would otherwise have made good on its obligations.

But the fact that the firm has not made any announcement could be an indication that the company does plan to pay the money back at maturity, other investors say.
And many still believe a default is not likely, given that the failure of any Dubai Government-linked company to repay debts would affect the emirate’s reputation among international investors and hamper its ability to borrow in the future.

“As we get closer to maturity, investors start ruling out the possibility of restructuring,” one banker says. “At this stage, none of the investors factor in any probability of default and they are all waiting for either full repayment at maturity or some sort of restructuring.”

Unless it turns out that a restructuring deal has been in the works behind closed doors, repayment seems a more likely scenario as time marches on. But if a repayment is coming, neither Nakheel nor the Dubai Government has made assurances that investors will be made whole. 

Meanwhile, both have other pressing obligations. Dubai’s total sovereign debt, including debt incurred by its state-linked companies, has been estimated at $80bn, and much of that is coming due in the next few years. With the slowdown in the property market and the global recession, many Government-controlled companies need money as much as Nakheel does.

Dubai’s Department of Finance established the Dubai Financial Support Fund last month to administer the distribution of proceeds from the $20bn bond programme and raise more money if needed in the future. The fund’s board of directors was appointed last week.

Nakheel said in May it was receiving funds under the programme but did not reveal how much.

But as the firm and the Government form strategies for paying debts, Nakheel must grapple with other financial issues, including a payment of nearly $300 million this month on a syndicated Islamic bank loan that it took out in August 2007.

The $1.85bn loan was structured to give Nakheel a grace period of 18 months in which it would not have to make payments. The first of seven instalments on that loan came due in February, and the second is due on August 29, according to a banker who helped arrange the loan.

For Nakheel and for the Government, large payments like these have been coming due at an awkward time, when the financial crisis has made refinancing difficult and raising money in international capital markets a challenge. 

Ultimately, the success of Dubai’s plan to recover from the financial crisis will hinge on its ability to handle large debts without resorting to default or leaving investors anything less than whole, analysts say. And the way Nakheel handles its $3.5bn sukuk is widely seen as a proxy for how investors in the emirate’s other struggling firms will fare.

http://www.thenational.ae/apps/pbcs.dll/article?AID=/20090816/BUSINESS/908164058/0/FRONTPAGE


----------



## Imre

nagshah said:


> Is it true what we hear that all Nakheel project will stop????


I saw the Jumeirah Heights site today, one building cranes , core already removed, it seems the ASGC is leaving the site now , and maybe going to be ON HOLD for a long.

I saw some Jumeirah Park's villas from the road but very difficult to find any workers there.


----------



## Imre

*Nakheel a PJSC, appeal court told * 

By 

Mohammed Elsidafy on Monday, August 17, 2009 

A letter presented to the Dubai Court of Appeal yesterday established that developer Nakheel is a public joint stock company (PJSC), not a private one.

The letter was produced by a lawyer representing Nakheel in the case of two former employees who are appealing against their convictions for bribery.

The defendants' lawyer, Saeed Al Gelani, had said in an earlier session that a ruling by Court of First Instance that Nakheel was a public shareholding company was not true to facts.

He referred to an article by Nakheel's legal advisor, David Nicholson, that appeared in Arroaya magazine, which is published by the developer. The article said Nakheel had become a private company and was published before the defendants were sent for trial. As a result, said Al Gelani, the two had been tried wrongly.

The accused are 32-year-old UAE national WA, a former general manager of sales at Nakheel, and Egyptian KN, 28, who was a sales representative at Nakheel. Prosecutors say they allegedly asked for a bribe of Dh5.1 million from a real estate brokerage firm to help it buy a plot owned by Nakheel.

Dubai Criminal Court jailed the defendants for three years and ordered them to pay Dh3m. The court is considering a third appeal by Public Prosecution.

http://www.business24-7.ae/Articles...8172009_78f1c5ed756f444694944c29849ce9c3.aspx


----------



## Parisian Girl

*Nakheel presses buyers for cash*

Nathalie Gillet
* Last Updated: August 20. 2009 8:58PM UAE / August 20. 2009 4:58PM GMT

Nakheel is asking investors using credit transfers for property purchases to top up their payments with cash, as it seeks to raise funds ahead of a mid-December due date for a Dh3.5 billion (US$953 million) bond.

According to brokers, the Dubai Government-controlled developer allows investors in delayed projects to sell their downpayments to other investors who have already invested in other Nakheel developments.

But now the company is no longer allowing customers to use credit transfers alone to fund instalments, and is demanding that part of the payments are made in cash, brokers say.

“For example, when a buyer has Dh1m to pay, Nakheel would say you need to pay 30 per cent in cash, which makes Dh300,000,” said one broker, Farid Ahmad Hussein.

“They will accept a credit transfer of Dh700,000 from somebody else. The investor can get this Dh700,000 maybe at 40 per cent discount now in the market from another investor. In total he has saved Dh280,000.”

Nakheel needs to pay back a Dh3.5bn bond on December 14, in what is being seen by international lenders and rating agencies as a litmus test of the Dubai Government’s willingness to support its affiliated companies facing financial difficulties.

So called “credit consolidations” were triggered by the collapse in property prices last autumn, which saw scores of developments either cancelled or delayed and effectively ended the “off-plan” property market.

Investors in stalled projects have been able to sell their downpayments, usually at a loss, to other customers of the same developer, and then those downpayments can be used on continuing projects. These credits can only be transferred between buyers that have already made downpayments and are not available on the secondary market.

Developers facilitate the transfer of credit between investors in different projects to generate funds needed to complete some developments, while also making it easier for them to abandon others. External brokers help to match buyers.

Unlike other developers, Nakheel requires the transfer of ownership between investors to be completed before credit is moved between properties.

“Investors in projects that have been deferred have the option of consolidation if they own other properties within the Nakheel portfolio. The advantage to the investor is that Nakheel is able to hand over property to the owner sooner than it might on a deferred project and help investors reduce their financial exposure,” Nakheel said in a statement. The developer declined to comment on whether cash payments were also required to complete property consolidations.

Nakheel has shortened the time it takes to complete such transactions to about a month, from three or four months previously, according to brokers.

Nakheel, the developer of The Palm Dubai, has spent billions of dirhams on projects that are still under construction, while adding further offshore island developments including The World and The Universe.

But development on such a massive scale has come at a high price for the company, which is now struggling to repay debts accumulated during the six-year building boom.

The trade in credit notes on stalled projects is helping revive activity in the property sector, according to Rajesh Sony, a director of Bluechip Real Estate. The firm, he said, generates 90 per cent of its turnover from matching buyers and sellers of credits.

“This is a win-win situation between the developer and investors. If all the investors of one project transfer the money elsewhere, the developer may call off the project without having to refund the money to investors. At the same time, investors can get out of the market without losing all the money, and other investors in ongoing projects can pay their instalments at a cheaper rate,” he said.

The exchange of Nakheel credit, or consolidations, began in February on projects that include the Dh4.4bn Dubai Promenade, and the Dh2.9bn Trump Tower, the centrepiece of Dubai’s original Palm Island development, according to Mohammad Mujtaba Vakil, a broker from Linkage Real Estate.

He said that while cash components were not requested on earlier transfers, Nakheel now “would not accept anything less than 30 per cent”.

[email protected]i

http://www.thenational.ae/apps/pbcs.dll/article?AID=/20090820/BUSINESS/708209930/1005


----------



## Dark Matter

Dubai developer raises cash by ‘credit notes’

By Simeon Kerr

Nakheel, a troubled real estate developer owned by the government of Dubai, is quietly raising cash by processing what people are calling “credit notes” in respect of developments it has delayed or cancelled, according to brokers and executives.

Dubai Waterfront, a development that was planned to be twice the size of Hong Kong island, and Palm Jebel Ali, an offshore island, are the main projects where Nakheel is offering its customers consolidation deals on selected properties.

The growing use of these transactions comes as the developer, arguably the most high-profile victim of the Dubai property crash, seeks to raise $4bn needed to settle a $3.5bn Islamic bond, plus profits, due in December, and to meet invoices from contractors and suppliers. Thousands of “credit notes” have been issued since April, as the developer seeks to shrink its $80bn project portfolio and to cut expenditure, the brokers say.

Hossam, who asked that his full name not be used, last year put down Dh1m ($272,330) for a villa in Veneto, billed as the most exclusive residential district in the Waterfront project. Veneto has since been deferred by Nakheel. Two months ago Hossam managed to sell his investment to another Nakheel investor – but only at a 50 per cent discount. The buyer used this “credit note”, plus an extra injection of cash, towards another company property.

“Of course I am angry that I lose money, but what am I going to do? Sue the government?” he asks. “At least the notes have created some liquidity, the larger problem lies with the private developers.”

Hossam is more troubled by the millions of dirhams he ploughed into a private developer which has gone bust during the recession, leaving his family living hand-to-mouth. 

The trade in these “credit notes” is helping lubricate the clogged property market in Dubai, where volumes have declined as prices halved since the peak last year. “It’s been a very busy market,” says one broker, who declined to be named. Emaar, the listed property company, has also offered consolidation deals to customers, he says.

Nakheel confirmed that it was consolidating properties – it declines to use the term “credit notes” – but would not say how many it has approved.

“Investors in projects that have been deferred have the option of consolidation if they own other properties within the Nakheel portfolio,” the company said. “The advantage to the investor is that Nakheel is able to hand over property to the owner sooner than it might on a deferred project and help investors reduce their financial exposure.”

The consolidations also show the painful measures the company is taking to secure money.

Last week Nakheel raised more than $170m by selling its stake in Mirvac, an Australian developer. The company’s parent, Dubai World, the guarantor of Nakheel’s 2009 bond, is considering other ways of raising cash as refinancing looms. This year it asked contractors and suppliers to take “haircuts” of about 25-35 per cent on unpaid invoices.

But bankers say the company is losing future profits since the cash payments made as part of these consolidations are a fraction of what the company could expect to gain at a later date, but they do at least cover construction costs.

“Forget profits, it’s all about the balance sheet right now,” says one banker.

On the other side of the deal sits James, who has taken advantage of another investor’s woes to shave $50,000 off the $800,000 price of his off-plan villa. Legally, James, who works in financial services, has bought his counterparty’s property outright, but in effect he is paying a 50 per cent discount on the value of his counterparty’s down payment, in this case a villa in part of the Waterfront. 

James has agreed with Nakheel to transfer his counterparty’s down payment into James’s last instalment payment due on another Nakheel development. His counterparty has walked away with about half of his original investment, but the full face value goes into James’s villa. The contract for the deferred Waterfront property has been cancelled.

Crucially, Nakheel asked James to inject cash worth 25 per cent of the value of the “credit note”. Brokers say the cash percentage sought by Nakheel is increasing, but the company says it averages 30 per cent. 

Before sealing the deal, James clambered over the fence of his new property to check progress. Based on what he saw, he believes the building will be ready next year and so he is willing to gamble on the developer meeting its schedule.

“It’s a good for me, but I feel sorry for the other guy,” he says. “The government is not honouring a contract with him.”


----------



## Parisian Girl

*Nakheel fees row reaches Ruler's Court*









SERVICE CHARGE: Residents in Discovery Gardens are taking a petition to the Ruler's Court in a bid to have service charge fees reduced.

by Joanne Bladd on Monday, 24 August 2009

*Angry residents of Dubai’s Discovery Gardens are set to take their row to the Ruler’s Court this week in a bid to force developer Nakheel into slashing “exorbitant” service charge fees.*

More than 90 tenants and homeowners have signed a petition, set to be presented to the Ruler’s Court and Dubai’s Real Estate Regulatory Authority (RERA) later this week, which asks the government to force Nakheel back to the negotiating table to review the charges, which cover building maintenance, community and cooling fees.

Residents are due to pay the first installment of next year’s fees on October 1.

*Related:* Tenants threaten legal action against Nakheel 

“We want the government to freeze our payments to Nakheel and to force Nakheel to justify its charges in light of the substantial drop in costs we’ve seen since last year,” said Michael Aldendorff, the head of an unofficial resident’s association.

“We will not accept the current fees when Nakheel has failed to deliver on common areas and we have substandard building maintenance. As the petition says, we flatly refuse to pay.”

According to paperwork issued by Nakheel to residents, RERA has approved maximum service fees of AED10.35 per sq ft in building maintenance, AED2.8 per sq ft in community charges, and AED8.7 per sq ft in cooling charges: a total of AED21.85 per sq ft.

Residents in 1,000sq ft flats would then pay annual service fees of AED21,850 ($5,948).

According to Aldendorff, tenants in Dubai Marina typically pay about AED15 per sq ft in service charges, while those in The Greens pay between AED13-15.

“You can understand our concerns and skepticism that these [Discovery Gardens] rates are not in line with the market and are excessive,” he said.

In June, following protests by residents, Nakheel said it would reduce the service charge for Discovery Gardens by AED5, down from between AED18-19 per sq ft the previous year exclusive of cooling, and would backdate the new rate to January 1, 2009.

A spokesperson for Nakheel said: “We continuously review service charges to ensure that owners receive the best service for their fees. Any savings which can be made are then passed on to the owners. All accounts are independently audited to ensure accuracy and transparency for homeowners.”

Service charges for 2010 have not yet been finalised, the spokesperson added.

However, Aldendorff argued that the state-owned developer has failed to deliver communal pools and cycling or jogging trails.

All three are still advertised as forming part of the Discovery Gardens development but, a year after handover, have not materialised.

“We are still paying for these facilities, but they haven’t appeared so how are these charges justified?” he said. “This money is being diverted elsewhere by Nakheel.”

Discovery Gardens’ residents are now hoping the Ruler’s Court will intervene in their favour. 

http://www.arabianbusiness.com/565752-nakheel-row-reaches-rulers-court


----------



## DUBAI INVESTOR

Nakheel is asking investors using credit transfers for property purchases to top up their payments with cash, as it seeks to raise funds ahead of a mid-December due date for a Dh3.5 billion (US$953 million) bond.

According to brokers, the Dubai Government-controlled developer allows investors in delayed projects to sell their downpayments to other investors who have already invested in other Nakheel developments.



But now the company is no longer allowing customers to use credit transfers alone to fund instalments, and is demanding that part of the payments are made in cash, brokers say.

“For example, when a buyer has Dh1m to pay, Nakheel would say you need to pay 30 per cent in cash, which makes Dh300,000,” said one broker, Farid Ahmad Hussein. 

“They will accept a credit transfer of Dh700,000 from somebody else. The investor can get this Dh700,000 maybe at 40 per cent discount now in the market from another investor. In total he has saved Dh280,000.”



Nakheel needs to pay back a Dh3.5bn bond on December 14, in what is being seen by international lenders and rating agencies as a litmus test of the Dubai Government’s willingness to support its affiliated companies facing financial difficulties......

http://www.thenational.ae/apps/pbcs.dll/article?AID=/20090820/BUSINESS/708209930/1005


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## True Blue

You can't use what I owe you to repay what you owe me:nuts:


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## Imre

*Dubai Unlikely to Restructure Nakheel Bond*

(Bloomberg)

28 August 2009 DUBAI — Dubai will choose to repay a government-guaranteed $3.52 billion bond sold by state-owned real-estate developer Nakheel PJSC rather than change its terms, according to Ashmore Investment Management Ltd.

Blackrock Global Funds and Ashmore are the two largest holders of the Nakheel issue, according to data compiled by Bloomberg. Ashmore Investment Management owns 1.09 per cent of the bond, the data show. Ashmore, which started its first fund in 1992, invests in currencies, debt and special situations.

Rating firms have downgraded Dubai state-owned companies on concerns the emirate may not have sufficient funds to support its struggling entities. The credit crisis ended a four-year real-estate boom in Dubai and forced the United Arab Emirates government to bail out the two biggest mortgage lenders. The crisis wiped 50 per cent off real-estate prices from their October peak, according to Deutsche Bank AG.

“At stake is the reputation of the government here. The likelihood here is that the bond will pay,” Jerome Booth, head of research at Ashmore in London, which manages $25 billion of emerging-market assets, said by telephone. “The point is that you can’t default a little bit. You either lose your credibility or you don’t. So for the Dubai government, it’s a huge issue.”

Standard & Poor’s said in April that Dubai World, the government-owned investment group that controls Nakheel, is considering all options “in dealing with outstanding liabilities,” including a restructuring.

“That’s the concern of the market, and I think it’s not true,” Booth said, noting that the issue is whether something is or isn’t treated as a sovereign. “It’s kind of clear that this one is within the net.”

Nakheel’s three-year Islamic bond due December 14 traded at 93 cents to the dollar at in early afternoon trading in Dubai, according to RBS Financial Markets data provided to Bloomberg. The price plunged to 82.5 cents on July 14 and has tumbled from a 12-month high of 103.95 cents on speculations that Dubai is contemplating restructuring the bond. —

http://www.khaleejtimes.com/darticl...ugust/business_August581.xml&section=business


----------



## Dubaiiscool:)

*Nakheel offers investors consolidation option*

Nakheel, the real estate arm of Dubai World, has offered an investor the option of consolidating his investment in The World for plots in either Palm Jumeirah, Jumeirah Village, or the Marina Residence properties, according to documents seen by Emirates Business. 

Silver Heights, a Dubai-based developer and broker, said Nakheel offered “replacement properties” valued at about Dh26 million in exchange for its investment in The World Island.

“We bought the Dh153m ‘Island 86’ in The World, paying only the initial 15 per cent down payment on the land, which amounted to about Dh23 million. Due to the slump in the real estate sector and the financial crisis, we decided to cancel our investment there. Instead Nakheel asked us to pay an additional Dh3m and offered us plots on Palm Jumeirah, Jumeirah Village or the Marina Residence,” said Samir Ahmed Munshi, Managing Director, Silver Heights.

Munshi said he decided to take four plots on the Palm Jumeirah as a replacement. 

Silver Heights had initial plans to build 150 residential apartments and water homes on the island across 460,000 square feet area. “Most of our feasibilities to build in ‘The World’ was based on off-plan sales which is now completely frozen at the moment.”

The World comprises 300 islands in the shape of the world’s continents, created off the coast of Dubai and expected to add more than 232 kilometres of new beachfront to Dubai’s coastline.

According to Nakheel, land reclamation on The World had been completed in 2008. “Progress on The World continues at great pace. Reclamation of the original 300 islands on The World was completed in January last year, since which time the master plan has been revised to accommodate the concept design of each individual project that seeks to merge islands, resulting in a total of 240 islands that will comprise this mixed-use development. Handover of 33 islands is complete, with early ground works already commenced,” said the spokesperson.

In an emailed response to this newspaper, Nakheel confirmed that the master developer is offering its investors a consolidation on their projects that have been deferred by Nakheel.

“We are currently working with our customers to assist them in meeting their contractual commitments and find adequate solutions where possible, given the current global economic climate. Investors in projects that have been deferred have the option of consolidation if they own other properties within the Nakheel portfolio. The consolidation options are only available to owners and are non-transferable and non-transactional. Owners agreeing to a consolidation option will sign a new agreement with Nakheel. The existing agreement related to the deferred development becomes null and void,” said a Nakheel spokesperson.

“The advantage to the investor is that Nakheel is able to hand over property to the owner sooner than it might on a deferred project and help investors reduce their financial exposure.”

Nakheel said if customers choose to resell their properties, they can do so on the condition that all outstanding payments contractually due to Nakheel are settled in full. 

The master-developer refused to reveal the number of consolidation options it was currently handling in light of the downturn in the real estate sector. “We respect our business exchanges with investors and we are not obliged to disclose the consolidation options offered to our customers.”

Nakheel said it has not cancelled the Dubai Waterfront development. 

“Dubai Waterfront has not been cancelled. Our current focus at Waterfront is on Badrah, Veneto and Madinat Al Arab. Work continues to make good progress at these sites. We look forward to handing over our first homes at Badrah and Vento next year. The majority of plots at Madinat Al Arab have been handed over with some third party developers already mobilised on-site,” said a spokesperson for the master developer.

Link:http://www.business24-7.ae/Articles/2009/9/Pages/Nakheeloffersinvestorsconsolidationoption.aspx


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## gerald.d

^^

Note how these consolidation deals only ever involve cash flowing to Nakheel.


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## Cayman

Basically they are saying, 'If you are willing to throw good money after bad, come talk to us'.


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## nagshah

NAKHEEL GONE WITH THE WEND............ALL PROJECTS STOPPED..........OUR MONEY BYE BYE


----------



## Cayman

^^
What do you mean? What did you hear?


----------



## BinDubai

nagshah said:


> NAKHEEL GONE WITH THE WEND............ALL PROJECTS STOPPED..........OUR MONEY BYE BYE


can't be true. the gov will bail it out although it is a bad idea because they have a bad management, however it will increase confidence in Dubai's market again so new capital can flow


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## nagshah

BinDubai, unfortunately one of the sales representative told one of the guys when he went to check on the delivery date for Jumeirah Park that no project will be delivered and you can go to the court.

To confirm that the contractor at JP already sent his 4000 employees back home. Jumeirah Highest contractor moved his cranes. We are just waiting the official bankruptcy


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## docc

^^ So that's like saying Dubai Ports World is bankrupt which is owned by the Govt. I'd highly doubt this since Dubai would never let such a thing happen considering how big Nakheel and DP World is.


----------



## Imre

nagshah said:


> BinDubai, unfortunately one of the sales representative told one of the guys when he went to check on the delivery date for Jumeirah Park that no project will be delivered and you can go to the court.
> 
> To confirm that the contractor at JP already sent his 4000 employees back home. Jumeirah Highest contractor moved his cranes. We are just waiting the official bankruptcy


still no bankruptcy law in UAE so they can play with even 50-100 years with the investors without building anything.

At the JP they still have workers , at least 20-30 always visible from the road

No idea what happened with the Jumeirah Heights , the money must be the biggest problem now , they should have finished this project insted of start many pointless at the Waterfront , like Badrah,Veneto etc


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## Cayman

^^
Imre, you are too honest to know how a pyramid scheme works!


----------



## BinDubai

nagshah said:


> BinDubai, unfortunately one of the sales representative told one of the guys when he went to check on the delivery date for Jumeirah Park that no project will be delivered and you can go to the court.
> 
> To confirm that the contractor at JP already sent his 4000 employees back home. Jumeirah Highest contractor moved his cranes. We are just waiting the official bankruptcy


again mate there is no bankruptcy law in the UAE. Nakheel is also a government owned company. yeah some investors got screwed but that was expected since they started palm Jumairah . or many reasons thankfully i know some people who worked there.

DP world cannot and i mean CANNOT go bankrupt because they are the one of the main source of income for Dubai.( forget public info about it ) yeah i know this is not very good for the reputation of a listed share...

"DP World underwent an IPO on DIFX in November 2007, to list 23% of its shares, which raised USD4.96 billion. " Quoted it was only 23% stake.
Also you need to consider thinks like the withstanding debts of foreigners who disappeared because they thought the "Dubai Dream if you will" is over. 
Also many many more real serious issues that did not surface to the public. 

Dubai is going into a state size restructuring. they didn't learn the lesson quite yet but they got a taste of what a crisis is.


----------



## BinDubai

Imre said:


> still no bankruptcy law in UAE so they can play with even 50-100 years with the investors without building anything.
> 
> At the JP they still have workers , at least 20-30 always visible from the road
> 
> No idea what happened with the Jumeirah Heights , the money must be the biggest problem now , they should have finished this project insted of start many pointless at the Waterfront , like Badrah,Veneto etc


to be honest none of nakheel projects ( aside from the palms ) made any sense 
i was always against them because they were just stupid.

Dubai world is still going strong but not nakheel.


----------



## Philippa C

BinDubai said:


> to be honest none of nakheel projects ( aside from the palms ) made any sense
> i was always against them because they were just stupid.
> 
> Dubai world is still going strong but not nakheel.


I felt that Nakheel was starting some projects just to try and outdo Emaar. So if Nakheel goes under who would be responsible for the Palm and management of their completed projects?


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## BinDubai

Philippa C said:


> I felt that Nakheel was starting some projects just to try and outdo Emaar. So if Nakheel goes under who would be responsible for the Palm and management of their completed projects?


well we can consider different scenarios 

1- Privatization of different assets by breaking nakheel to smaller firms

2- new public listed company ?

3- merger with another company


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## dirtyharry1

At least they can make nice models... but nothing else


----------



## Chakazoolu

Nakheel pays off $1.2bn securitised bond early - report

Dubai property developer Nakheel has repaid a $1.2bn securitised bond a month ahead of its maturity date, a magazine reported on Monday.

London-based MEED said on its website the state-owned developer, which has a $3.52bn Islamic bond maturing in December, had made the repayment on October 15.

The magazine did not say how it got the information.



Related: Dubai sees 2nd tranche of bond issue as soon as Oct 

The securitisation was due to mature on November 15 and had been financed by Emirates NBD, Mashreqbank, Noor Islamic Bank and Samba Financial Group.

Investors are keen to see how Dubai is able to tap markets as its real estate sector slumps under the weight of the financial crisis

The emirate - one of seven members of the UAE federation - and its state-linked firms have outstanding debt of about $80bn, much of it incurred during a drive that saw Dubai expand activities in logistics, financial services, property and luxury retail and tourism.


----------



## AltinD

Parisian Girl said:


> *Nakheel partners with Jafza to initiate budget hotels in Dubai*
> 
> 
> 
> 
> 
> 
> 
> 
> 04-May-2008
> 
> Nakheel, a Dubai World company and one of the world's largest and most innovative real estate developers, has cemented its partnership with Jafza (Jebel Ali Freezone) to pave the way for the opening of one of several innovative budget hotels under the ‘easyHotel' brand. The partnership sets in motion the development of an innovative budget hotel in the up and coming area around the free zone.
> 
> Joe Sita, CEO, Nakheel Hotels, said, "As the first of many such easyHotels.com developments, Nakheel Hotels is bringing another innovative concept to Dubai and the MENA region through its ownership of the master franchise of easyHotels and tapping into the burgeoning requirements for budget hotels in the Middle East".
> 
> The easyHotel, located close to Sheikh Zayed Road in Jafza will be a 216 room budget hotel that will deliver an absolutely first class ‘sleep and shower' experience at an affordable price for visitors to the area. Construction is scheduled to begin at the end of May 2008 with a completion date of *June 2009*.
> 
> http://www.gowealthy.com/gowealthy/...eel-ties-with-Jafza-to-ini-1209903637085.html


Construction is still ongoing.


----------



## Imre

*Nakheel offer casts doubt on project*


Last Updated: November 05. 2009 11:32PM UAE / November 5. 2009 7:32PM GMT 

*The future of the vast reclaimed island is now in doubt. *

Nakheel has offered investors in the stalled Palm Jebel Ali development alternative homes on other projects, casting further uncertainty over the future of the vast reclaimed island.

http://www.thenational.ae/apps/pbcs.dll/article?AID=/20091106/BUSINESS/711059912/1040


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## Naz UK

1) Prison
2) Offshore whorehouse
3) Offshore gambling den
4) A Guantanomo Bay for the Middle East
5) Tidal wave land destruction experiments, oh wait, they've already got that in the form of Palm Jumeirah 
6) Dirt/race track for quads and other offroad vehicles
7) The UAE's very own "Kische Island" for Filipinos (although not exclusively, but it may as well be  )
8) Erm, a kind of "Pleasure" island for Dubai's royalty, like the Abu Dhabi islands are for the Nayans  (And before Sheikh Issa's people give me a call, NO, you cannot use it for torture purposes!)
9) A giant open beach for the public.
And finally, the most sensible idea:

10) An open-air museum dedicated to the unique Dubai-based concept of "How to **** up your country's real estate industry in 6 short years" for the rest of the world to see. 

Just a few ideas for Nakheel, as it clearly seems they need some help.


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## BinDubai

^^ i agree with those 

4 and 10 are the best


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## nagshah

Does any one knopws what is going on with Nakheel? They cancelled most of thjier projects JAP, JP, JH and Al Furjan.

Are they going to close, bankrupcy or sell the company?!?!?!?!?

What will happne ot our money with them?


----------



## Imre

nagshah said:


> Does any one knopws what is going on with Nakheel? They cancelled most of thjier projects JAP, JP, JH and Al Furjan.
> 
> Are they going to close, bankrupcy or sell the company?!?!?!?!?
> 
> What will happne ot our money with them?


Maybe merge with the Omniyat and ACI ? 

I would make the credit note consolidation as soon as possible, maybe they have something left at the Discovery Gardens or Palm Jumeirah . later they will have nothing and your money will be lost.


----------



## B-PALM

*VERY STRANGE*

Court seeks proof of Nakheel's Dubai World link
Graft suspects' lawyers argue it is a private firm

By Bassam Za'za', Senior Reporter, Gulf News
Published: 00:00 November 16, 2009

Dubai: The Dubai Appeals Court yesterday asked the Dubai Public Prosecution (DPP) to submit documents proving that Nakheel belongs to Dubai World in a graft case involving two former Nakheel executives.

Presiding Judge Eisa Al Sharif adjourned the case until November 22, the date when DPP will have to present to the court a document proving that Nakheel is indeed a subsidiary of Dubai World.

The Appeals Court judgment was scheduled to be pronounced yesterday upon 28-year-old Egyptian sales executive K.M. and 32-year-old Emirati general sales manager W.J., both former Nakheel executives.

"The incident was directed by a Nakheel executive who made every possible effort to complete the deal and obtain a medal of bravery. It was a trap. My client is not guilty," said Saeed Al Gailani arguing on behalf of K.M.

Defending W.J., advocate Hussain Al Jaziri said: "The crime and the charges have been made up. W.J. is not guilty and he didn't commit any financial irregularity. A group of employees from Nakheel made up this case against W.J. Law enforcement procedures that were carried out in this case were unlawful because the incident happened without the involvement and/or acknowledgment of any law enforcement officer."

Advocates Al Jaziri and Al Gailani argued that Nakheel is a private sector company and not a public undertaking to which DPP's representative contended that Nakheel is a public sector company, being a subsidiary of Dubai World.

The Dubai Court of First Instance had earlier sentenced W.J. and K.M., former Nakheel executives, to three years each in jail and ordered them to pay a joint fine of Dh3.081 million.


----------



## ardi

ABU DHABI (Reuters) - Abu Dhabi, wealthy capital of the United Arab Emirates, will "pick and choose" how to assist debt-laden neighbor Dubai, a senior official said on Saturday, after fears of a Dubai default sent global markets reeling.

"We will look at Dubai's commitments and approach them on a case-by-case basis. It does not mean that Abu Dhabi will underwrite all of their debts," the official in the government of the emirate of Abu Dhabi told Reuters by phone.

Dubai's crisis exploded on Wednesday when the emirate, known for flashy lifestyles and the world's tallest building, said it would delay payment on debt issued by one of its flagship firms, angering investors and sending global markets sharply lower.

Selective assistance for companies in "Dubai Inc.," a network of quasi-sovereign industries, instead of blanket assistance, would serve a rude awakening to investors who for years assumed that the conservative Abu Dhabi provided a safety net for its racier neighbor.

"Some of Dubai's entities are commercial, semi-government ones. Abu Dhabi will pick and choose when and where to assist," said the official, who declined to be identified because he is not authorized to speak to the media.

At stake is the $59 billion in debt held by government controlled holding company Dubai World and its property arm Nakheel, builder of palm-shaped islands for wealthy celebrities.

Dubai delayed payment on Nakheel debt by six months in a shock announcement, which came on the eve of a long holiday.

World leaders including Britain's Gordon Brown and French premier Francois Fillon said the global economy -- recovering from two years of financial crisis -- was now strong enough to deal with a shock of this magnitude.

And markets began to recover on Friday after banks outside the Gulf said they were not heavily exposed to Dubai debts.

India, which receives 10-12 percent of its worker remittances from the UAE, said on Saturday it would keep a close watch on the situation in Dubai but did not expect much impact on it.

In the Gulf itself, details of local banks' exposure to Dubai have begun to emerge.

Years of chasing business in Dubai's property boom means Abu Dhabi banks have built up an exposure to Dubai-based companies worth at least 30 percent of their loan books, senior bankers in Abu Dhabi said on Friday.

In most investors' minds, the question is not whether Abu Dhabi will support Dubai but when and how.

Abu Dhabi, which pumps 90 percent of the oil that make the United Arab Emirates the world's third-largest oil exporter, has already provided $15 billion in indirect support for Dubai through the UAE central bank and two private Abu Dhabi banks.

How much more support the emirate provides for its cash-strapped neighbor, however, will depend on how Dubai clarifies its stand on unresolved issues.


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## Ni3lS

Yea this is all sad news. Heard on the radio yesterday that everyone was trying to sell their stock as quick as possible because of the possible stock exchange crash. It said that Dubai needs to pay off at least 36 billion USD.


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## Naz UK

If you keep in denial and try and cover your problems up for a very long time, sooner or later, things will come up and bite you on the arse. That is exactly what is happening to Dubai right now. The government only has itself to blame.


----------



## kevin_1980in

informerdxb said:


> Nakheel new mission statement to be changed on all advertising and signage 6-12-09
> 
> NAKHEEL
> 
> WHERE VISION INSPIRES BANKCRUPTCY
> 
> WE PUT DUBAI IN THE CRAP NOW WE PUT CRAP ON DUBAI
> 
> THE WORLD -A VISION TO STEAL
> 
> THINK BLUE THINK SCAM
> 
> THE PALM IDIOTOLOGY
> 
> WATERFRONT -TWICE THE SIZE OF ANY EMPTY DESERT NEVER TO INHABITED IN THE WORLD
> 
> As our Chairman, H.E. Sultan Ahmed bin Sulayem SHOULD put it:
> 
> "Nakheel is more than a company - it is a FRAUD . A FRAUD that defies ordinary thinking... when conventional wisdom says no we say yes and do not make it happen."


:hilarious :hilarious


----------



## corsario

Does anyone know the exact locations of plots 422, 423 and 391, also known as DWF South, Dubai Waterfront CBD and Crescent Lands within the Dubai Waterfront Development? 

Thanks


----------



## Parisian Girl

Nakheel posts $3.6bn loss in H1

by Andy Sambidge on Wednesday, 09 December 2009









DEBT WOES: The developer says it had impairment charges of AED13.21bn in H1, 2009. (Getty Images)

*Master developer Nakheel said on Wednesday that impairment and termination charges totalled more than AED13bn during the first six months of 2009, as the global economic crisis severely hit the Dubai real estate market.*

The impairment charges were primarily related to the write-down in the value of land to current fair market levels plus the write-down of certain properties under construction relating to projects that have been delayed or scaled back, the company said in a statement posted on the Nasdaq Dubai website.

It said total liabilities for the first half of 2009 rose 7.2 percent to AED73.3 billion, as the firm made a loss of AED13.4 billion ($3.64bn).

The developer said revenue for the period fell to AED1.97 billion from AED9 billion in the first half of 2008.

"The Dubai real estate was impacted and as a result Nakheel sales volumes and transaction activity remained low," the statement said, adding that the company's assets decreased to AED147.01bn at the end of June, compared to AED155.52bn in December 2008.

"Nakheel has continued to take steps to reduce its operational and overhead expenditure. The Group's cost base is regularly reviewed to ensure that Nakheel is appropriately sized to meet market opportunities and challenges," the statement added without elaborating on the number of job losses in 2009.

The developer added that its "immediate priority" was to ensure the completion of projects under construction.

"Management remains focused on maximising collections while controlling capital and operating expenditure. Debt maturities occurring in the coming 12 months are being addressed in conjunction with support from Nakheel's parent Dubai World," the company said.

The palm-shaped island builder added that "considerable effort" had been taken to reduce costs by "scaling down or slowing some development activities to beyond 2012".

It said it was "phasing the delivery" of associated infrastructure on projects "in accordance with market demand". 

http://www.arabianbusiness.com/575642-nakheel-pays-aed13bn-impairment-charges-in-h1


----------



## germantower

What are they currently doing at the waterfront project? Nothing, or are they still doing SOME reclamation works? What other projects not offshore could be effected by the bankruptcy of Nakheel?


----------



## Imre

*Nakheel expected to clear the air*

*Maturity of $4b Sukuk to shed light on Dubai World's debt restructuring*

December 14, 2009 

Dubai: As Nakheel's $4 billion (Dh14.6 billion) Sukuk matures on Monday, some clarity will be shed on the six-month ‘standstill' that its parent company, Dubai World, sought from creditors on November 25.

Additionally, Dubai World has also said that it wants to restructure $26 billion of the group's debts, mainly those of property developers Nakheel and Limitless.

Some reports suggest Dubai World might pay part of the debt on schedule, but it remains unclear whether an agreement has been reached between the conglomerate and its creditors.

http://gulfnews.com/business/markets/nakheel-expected-to-clear-the-air-1.553285


----------



## docc

Dubai paying of the bond today thanks to funds received from AD (total $10B)

Source: Ameinfo (http://www.ameinfo.com/218654.html)


----------



## Iain

Gulf News 14/12/2009

Nakheel bond to be paid in full

Abu Dhabi and UAE Central Bank give $10b in support, Dubai Government authorises release of $4.1b which will be used to pay Nakheel's bond and expected to announce new legal framework

* Staff Report
* Published: 08:56 December 14, 2009
* Reader comments (0)

* An aerial view of the Palm Jumeirah in Dubai.
* Image Credit: Devadasan/Gulf News

Dubai Government has authorised the release of $4.1b which will be used to pay Nakheel’s sukuk.

A statement from the Dubai Financial Support Fund said that the government of Abu Dhabi and the UAE Central Bank had provided $10b in support.

Dubai Government is also expected to announce legal steps which will allow Dubai World to restructure completely.

The statement also added that the UAE Central Bank would provide support for local banks.

The news comes on the same day that Nakheel's $4 billion (Dh14.6 billion) sukuk had been due to mature. It had originally asked for a deferment on payment of the bond on November 25.

A statement from Shaikh Ahmad Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee said: “The Government of Abu Dhabi has agreed to fund $10 billion to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World.

“As a first action for the new fund, the Government of Dubai has authorized $4.1 billion to be used to pay the sukuk obligations that are due today."

He added that the remaining funds will also "provide for interest expenses and company working capital through April 30, 2010" but only on the condition that Nakheel negotiates a standstill on it's future debt repayments.


----------



## Iain

Press Release
STATEMENT FROM HH SHEIKH AHMAD BIN SAEED AL MAKTOUM, CHAIRMAN OF THE DUBAI SUPREME FISCAL COMMITTEE
Dubai – 14 December 2009: The Government of Dubai, acting through the Supreme Fiscal Committee (“SFC”), today announces a set of actions in relation to Dubai World:
HH Sheikh Ahmad Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee said:
“Like other global financial centers, Dubai has faced recent market challenges driven by the global economic slowdown and a severe real estate market correction.
“Recently, Dubai World announced that it might not be able to commercially support its obligations. Since that time, the Government of Dubai has worked closely with the Abu Dhabi Government and the UAE Central Bank in addressing and assessing the impact of Dubai World on the UAE economy, banking system and investor confidence.
“The following provides a comprehensive set of actions:
“First, the Government of Abu Dhabi and the UAE Central Bank have agreed to provide important support.
“Specifically, the Government of Abu Dhabi has agreed to fund $10 billion to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World.
“As a first action for the new fund, the Government of Dubai has authorized $4.1 billion to be used to pay the sukuk obligations that are due today.
“The remaining funds would also provide for interest expenses and company working capital through April 30, 2010 – conditioned on the company being successful in negotiating a standstill as previously announced.
“In addition, the Government of Dubai is particularly focused on addressing the concerns of 1
Press Release
Dubai World trade creditors within the Emirate of Dubai. To help address these concerns, today the Government of Dubai is announcing that the remainder of the funds provided will be used for the satisfaction of obligations to existing trade creditors and contractors. Discussions with affected contractors will begin in short order.
“Next, the Central Bank is also prepared to provide support to local UAE banks.
“Finally, today the Government of Dubai will announce a comprehensive reorganization law, a framework that is based upon internationally accepted standards for transparency and creditor protection. This law will be available should Dubai World and its subsidiaries be unable to achieve an acceptable restructuring of its remaining obligations.
“Today’s actions, taken together, demonstrate our strong commitment as a global financial leader to transparency, good governance, and market principles. There will certainly be challenges periodically, just as there are challenges in other major financial centers around the globe. We believe today’s actions will best serve the interests of all stakeholders.
“We are here today to reassure investors, financial and trade creditors, employees, and our citizens that our government will act at all times in accordance with market principles and internationally accepted business practices. Dubai is, and will continue to be, a strong and vibrant global financial center. Our best days are yet to come.
“The Government of Dubai remains committed to its high standards and its obligations. We are confident in our economic model, and we are confident in the long-term health and outlook for our economy.
“The actions taken today are consistent with our market development, and we believe they are the actions that will best serve the interests of all stakeholders.”
For media enquiries, please contact:
Brunswick
Azadeh Varzi [email protected] Tel: (04) 3658262


----------



## Parisian Girl

Nakheel to clear debt within 14 days

by Conrad Egbert on Dec 14, 2009 

*The repayment of Nakheel’s Islamic sukuk bond is set to be completed with the next 14 days, according to a statement posted on the Nasdaq Dubai website.*

In a separate statement, Nakheel said it will honour all obligations related to the 2009 Nakheel Development Limited Sukuk using funds that will be provided by the Dubai Financial Support Fund (DFSF).

Last night in a high level meeting held behind closed doors, high ranking officials from both Abu Dhabi and Dubai governments agreed that Abu Dhabi would provide US $10 billion (AED36.7 billion) to the DFSF, to allow Dubai World to repay $4.1 billion of Islamic sukuk bonds that are due today.

The deal will also see the UAE central bank injecting liquidity as needed into banks that face exposure to Dubai World.

Sheikh Ahmad Bin Saeed Al Maktoum, chairman of the Dubai Supreme Fiscal Committee, confirmed the financial agreement in a statement.

"Recently, Dubai World announced that it might not be able to commercially support its obligations,” he said.

Since that time, the Government of Dubai has worked closely with the Abu Dhabi Government and the UAE Central Bank in addressing and assessing the impact of Dubai World on the UAE economy, banking system and investor confidence."

He added: "Specifically, the Government of Abu Dhabi has agreed to fund $10 billion to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World.

"As a first action for the new fund, the Government of Dubai has authorised $4.1 billion to be used to pay the sukuk obligations that are due today.

Dubai World, this morning, welcomed the announcement by the Government of Dubai to provide financial support to the Group, including full repayment of the Nakheel 2009 sukuk.

“This support provides funding and a stable basis for the restructuring process which continues,” it said in a statement emailed to Construction Week.

“Dubai World will continue to work with financial creditors to negotiate a standstill in an orderly way. As long as a standstill is successfully negotiated, Dubai World has assurances that the Government of Dubai, through the DFSF, will provide financial support to cover working capital and interest expenses to ensure the continuity of key projects.”

A number of advisers have been appointed to assist Dubai World with its restructuring process, including Aidan Birkett of Deloitte, who has been appointed as chief restructuring officer by the DFSF.

Rothschild and Clifford Chance continue to act as financial and legal advisers respectively to Dubai World in relation to the restructuring, while Alix Partners continues to assist in resolving certain operational issues.

http://www.constructionweekonline.com/article-7157-nakheel-to-clear-debt-within-14-days/


----------



## nagshah

Hi, If someone working wiht Nakheel can tell us what is going on at Jumairah Park. Are they paying the contractors to finish the project?


----------



## Naz UK

I occasionally bring in the tea and biscuits at high-level board meetings, and I can assure you everything is fine and well and OK and still going ahead and in good shape, and stuff. You have my word.


----------



## Richard Head

nagshah said:


> Hi, If someone working wiht Nakheel can tell us what is going on at Jumairah Park. Are they paying the contractors to finish the project?


The only people left in Nakheels employment are Chris O'Donnell and his tea boy (who is apparently Naz). Since O'Donnell hasn't been seen or heard of for months, and is therefore probably in prison or in a concrete pillar, I think you can rule out getting any sense out of either of Nakheels remaining employees. For further details, see the post above.


----------



## AltinD

^^ Concrete pillar? That's not how Naz does things ... creek ... black windowed cars anyone :laugh:


----------



## Guest89

*Dubai Developer To Pay $10 Million On Bond*









The property developer that is part of the debt-saddled *Dubai World conglomerate says it will make a $10 million payment this month on a $750 million Islamic bond that matures next year.*

In a statement posted on the Nasdaq Dubai web site on Tuesday, Nakheel said it will make the $10.3 million payment on Jan. 19, when the payment is due.

Dubai World, Dubai’s chief engine for growth, wants creditors to delay repayment on roughly $26 billion of its $60 billion in debts.

Dubai’s neighbour, oil-rich Abu Dhabi, recently spared Nakheel from a $4.1 billion default on an Islamic bond through a $10 billion bailout.

Dubai World and Nakheel amassed the debt through years of tapping into cheap credit to finance projects such as Dubai’s palm shaped islands.


Source: http://beta.thehindu.com/business/article79344.ece


----------



## Parisian Girl

Nakheel Pays Coupon on $750m Bond

20 January 2010

DUBAI - Property developer Nakheel, owned by Dubai World, on Tuesday said it had paid the coupon on its $750 million bond maturing in 2011.

The payment was $10.3 million, company spokeswoman said on Tuesday.

Nakheel has two bonds outstanding — a Dh 3.6 billion dirham issue maturing on May 13 and the $750 million deal due January 2011.

Dubai World, Nakheel’s parent company, is looking to submit a formal debt standstill request on $22 billion of debt as it ponders a restructuring plan. The conglomerate is expected to present its proposal for creditor approval by the end of the month to a committee of creditor banks made up of four British and two UAE banks.

The committee represents some 97 creditors of Dubai World.

Analysts at UBS AG said Dubai World was likely to offer improved terms to creditors while renegotiating the debt.

[email protected]

http://www.khaleejtimes.com/Display...business/2010/January/business_January432.xml


----------



## nagshah

I heard Nakheel will not be able to deliver any of thier projects like JP and Al Furjan. Any one heard the same?


----------



## BinDubai

^^ i really hope so


----------



## nagshah

A friend of mines told me all their contractors are leaving the sites next March if Nakheel does not pay


----------



## docc

^^ You mean this March right?


----------



## nagshah

YES


----------



## SA BOY

goes from bad to worse

Dubai World 'significantly' scales down Cape Town office


Dubai World investment arm Istithmar World's chief executive, David Jackson, resigned on Wednesday following an announcement earlier this month that the group would be closing down its Cape Town office.

The company denied that the closure was part of a restructuring process.

Less than two years after expanding its workforce in Cape Town, some 20 staff members will lose their jobs as part of the group's attempts to "significantly" scale down in the city, starting this month.

A spokesperson from Istithmar World told Business Report that the closure of the offices was not part of the group's restructuring process.

"This is a business decision. Dubai World Africa has always been centralised in Dubai, which is just easier from a decision-making point of view," he said. "With the successful completion in the first quarter of 2010 of the majority of Dubai World's planned developments in Africa, the group is scaling down its Cape Town offices," he said.

Meanwhile Jackson, who had been with the company for six years, resigned as the troubled conglomerate struggles to manage some of the investments made under his leadership. Dubai World, which is in the process of trying to restructure about $22 billion (R166bn) of debt, said Jackson had left the company to "pursue other opportunities".

Aidan Birkett, the chief restructuring officer for Dubai World, said in a statement: "We thank David for his work with the company. Today Istithmar World is focused on the steady-state management of existing assets to maximise value rather than on private equity investment."

Istithmar World's chief investment officer, Andy Watson, will take over as acting chief executive. Dubai World's media office would not respond to questions about managing director of Dubai World Africa, Mahmoud Saleh who had allegedly been recalled to Dubai.

Dubai World media spokesman John Hobday said yesterday that the Dubai World restructuring was at an early stage and that it was too early to predict further business closures.

The group said it saw long-term value and potential in its African assets and that it would focus on managing the current portfolio to preserve value.

Dubai World's investments in South Africa include Lexshell, the consortium that bought the V&A Waterfront from Transnet for R7bn in 2006.

It also owns an 80 percent stake in Shamwari Game Reserve and has investments in Sanbona Wildlife Reserve and Jock Safari Lodge as well as the Pearl Valley Golf Estate.

Business Report 
_______________


----------



## Guest89

Dubai is restructuring. I don't want to post the whole thing again since it will be too repetitive so here is a link to my post in the "Dubai in the news" thread. 

http://www.skyscrapercity.com/showpost.php?p=50583963&postcount=458


----------



## Naz UK

This is great news, and will finally assure that no one dares ever to fraudulently syphon off public money into their private accounts. Well, anyone who doesn't share the Makhtoum surname anyway.


----------



## BinDubai

Naz UK said:


> This is great news, and will finally assure that no one dares ever to fraudulently syphon off public money into their private accounts. Well, anyone who doesn't share the Makhtoum surname anyway.


too far there


----------



## nagshah

Salam BinDubai, Have you heard if DP will give Nakheel cash to finish some of thier main projects that half done like Jumeirah Park?


----------



## Cruisejet

nagshah said:


> Salam BinDubai, Have you heard if DP will give Nakheel cash to finish some of thier main projects that half done like Jumeirah Park?


I can tell you this - I was unfortunate enough (reads - dumb enough!) to purchase a 1 bed townhouse in Jumeirah Villa Triangle in Nov 2008 which was due for completion in Dec 2008. I wanted to get out of the renting trap and move into it with my wife.

Nakheel asserted handover was on schedule, as we signed the paperwork in Nov 2008. Today, they still haven't handed over and when I head down to their sales office near the Palm all they can tell me is that it's due soon.

When I break into the construction site to take a look (which I do regularly), not much has changed in the last 4 months. It's partially completed, but work looks to have slowed to the point of almost not being able to see any progress.

And this was a development where they touted ALL villas would be handed over by the end of 2009. I wouldn't hold my breath that you'll see it anytime soon, if at all.

Oh, and just to end the post nicely - I'm now spending a truckload of cash to take Nakheel to the Dubai International Arbitration Centre. They ignored the contract-mandated 15 day legal notice period (not even a peep from them), so hopefully the fact they've completely defaulted on their contract will bode well for me in court. I'm going for a full refund on the purchase price (despite the fact that I purchased it via resale at nearly twice the O.P).

Hopefully, the British system at the DIAC will award m a full refund like they've supposedly done with hundreds of Emaar defaults....

I'll keep you posted.


----------



## Naz UK

Khalifa takes over Dubai...


BinDubai said:


> too far there


I couldn't agree more.


----------



## BinDubai

nagshah said:


> Salam BinDubai, Have you heard if DP will give Nakheel cash to finish some of thier main projects that half done like Jumeirah Park?


alaikom al salam


regarding Dp and nakheel , the matter is now beyond the company, nothing goes through without government consent, most likely through Diwan ( ruler's court )


----------



## Dark Matter

http://www.reuters.com/article/idUSLDE61E0NR20100215?type=usDollarRpt


----------



## bizzybonita

* Debt restructure for DW in March *

on Thursday, February 18, 2010

Dubai World will next month present its lenders with a proposal to restructure about $26 billion (Dh95.5bn) of debt, a spokesperson for the Dubai Government confirmed to Emirates Business, rejecting earlier reports that the company had already shared the proposal with its lenders.

Neither the company nor the government have put forward any proposal yet to the lenders for the proposed restructuring, she said. "We expect to table a proposal in March," she confirmed, while declining to get into the scope of the restructuring.

"That's a confidential matter between the company and its lenders," she said.

The Government of Dubai, acting through the Supreme Fiscal Committee (SFC), had in November last year, authorised the Dubai Financial Support Fund (DFSF) to spearhead the restructuring of Dubai World.

In December, while announcing a comprehensive set of actions in relation to Dubai World, Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the SFC, said: "The Government of Dubai remains committed to its high standards and its obligations. We are confident in our economic model."

Dubai World fulfilled its commitments on a $4.1bn Nakheel sukuk in mid-December last year after Abu Dhabi subscribed to the final $5bn tranche of the $20bn Dubai bond. Meanwhile, Nakheel's 2.75 per cent $750 million sukuk gained 0.5 per cent to 47.25 cents on the dollar, according to prices compiled by Bloomberg.

They were at 46.5 cents on the dollar earlier yesterday.

Dubai's credit default swap rates have tightened by almost seven per cent in the last two days to 607.62 basis points (mid spread), according to CMA DataVision. (With inputs from agencies)

http://www.business24-7.ae/Articles...2182010_b2675982bdc14e2aa5d5088ce9440f8b.aspx


----------



## Imre

*Executive leaves ailing Dubai developer Nakheel *


DUBAI, United Arab Emirates (AP) -- Embattled Dubai developer Nakheel says a senior executive has left the company, in the latest high-profile departure from struggling state conglomerate Dubai World.

*A Nakheel spokeswoman confirmed the departure of Chief Commercial Officer Manal Shaheen but would not provide details.*

The spokeswoman, who refused to be identified in line with company policy, declined to discuss Nakheel's ongoing job cuts or staffing levels. She said in an e-mail Tuesday that the developer "continues to readjust its current business objectives and the resources to match."

Nakheel is the developer behind Dubai's numerous manmade islands. It's one of the firms at the heart of parent Dubai World's debt problems.

http://www.arabtimesonline.com/RSS/...ailing-Dubai-developer-Nakheel--/Default.aspx


----------



## Parisian Girl

Nakheel names new chief commercial officer

Kazim joins from Jumeirah Golf Estates

* Reuters
* Published: 00:00 February 25, 2010

Dubai: Dubai developer Nakheel has named Aqil Kazim as chief commercial officer of the firm, which lies at the centre of a $22 billion debt restructuring by parent company Dubai World.

Kazim, who joins from Jumeirah Golf Estates, where he was director, replaces Manal Shaheen, a company spokeswoman said on Tuesday.

Shaheen, who joined Nakheel in 2005 as assistant sales manager, had largely played a sales and marketing role at the firm.

Shaheen's departure follows the resignation in January of David Jackson, the former chief executive of Istithmar World.

http://gulfnews.com/business/property/nakheel-names-new-chief-commercial-officer-1.588164


----------



## Dubaiiscool:)

While I was just looking around on the Internet I saw that Palm Jebel Ali, Palm Deira,The Waterfront, Jumeirah Vilage, Al Furjan,Jumeirah Park, Jumeirah Heights websites does not exist anymore so it might mean that all of the projects have been cancelled.


----------



## Dark Matter

That or they are cutting down expenses by shutting down servers on websites people aren't going to.


----------



## nagshah

This is bad news. If they can not pay for the websites, then they will not pay to complete the projects. It is bankruptcy.


----------



## nagshah

Should we move this third to NEVER BUILT????


----------



## Imre

Everything is just ON HOLD now, they havent cancelled anything yet , even The Universe is existing project


----------



## Dark Matter

nagshah said:


> This is bad news. If they can not pay for the websites, then they will not pay to complete the projects. It is bankruptcy.


Doesn't mean they can't afford to run the sites. It's just a way of saving money. Depending on your server host, it can cost A LOT of money to run just 1 website. So with all the cuts going on at Nakheel, maybe they just got serious about saving money for the moment.


----------



## killerk

*Arabtec stops work over bills*

Angela Giuffrida
Last Updated: February 25. 2010 9:56PM UAE / February 25. 2010 5:56PM GMT

Arabtec has stopped work on one of Nakheel’s largest housing projects because it has not been paid by the Dubai World-owned developer, says a senior official of the construction company.

The country’s largest construction company had been building Al Furjan, a development that was planned to include 4,000 homes. Arabtec won the US$816 million (Dh2.99 billion) contract for the first 1,500 homes in June 2008.

Riad Kamal, the chairman of Arabtec, said the company suspended work at the beginning of the year after building 550 villas at the development in Dubai. “We haven’t been paid, so it’s not ongoing.”

Nakheel, which sold 2,000 units at the development, continues to struggle to pay its construction suppliers during a crippling cash crunch.

Mr Kamal added that no payments had yet come through from the developer since a $10 billion cash injection from Abu Dhabi was announced in December, and that any payment terms agreed between the companies were confidential.

Arabtec’s order book has been hit hard by the economic downturn. According to Al Mal Capital, cancelled projects in the UAE have reduced the value of Arabtec’s order book to about Dh31bn, compared with about Dh39bn at the end of 2008.

Still, the company hopes a proposed acquisition by Abu Dhabi’s Aabar Investments will provide a hedge against any further shortfall in capital resulting from delays in payments from developers and improve its ability to raise funds for future projects.

Aabar said last month it would acquire 70 per cent of Arabtec in a deal worth $1.74bn.

Mr Kamal said the deal was still “ongoing” and that due diligence was being finalised. It would still need the backing of 75 per cent of Arabtec’s shareholders and approval from government regulators before concluding. 

“I should hope that whatever the board of Arabtec sees as beneficial, that the shareholders will also see as beneficial,” he said.

Arabtec is also awaiting the go-ahead on a $3.1bn contract to build the controversial Okhta tower in St Petersburg, Russia.

Gazprom Neft, a subsidiary of the state-owned natural gas giant Gazprom, last September won final approval from the city’s authorities for the 400-metre tower.

“As far as we know, the project is doing ahead,” Mr Kamal said.

[email protected]

Source: http://www.thenational.ae/apps/pbcs.dll/article?AID=/20100225/BUSINESS/702259868/1005


----------



## Dubaiiscool:)

Imre said:


> Everything is just ON HOLD now, they havent cancelled anything yet , even The Universe is existing project


Yeah because The Worlds website also doesn't exist but some projects are still going ahead on it.


----------



## dubaimat

Dubaiiscool:) said:


> While I was just looking around on the Internet I saw that Palm Jebel Ali, Palm Deira,The Waterfront, Jumeirah Vilage, Al Furjan,Jumeirah Park, Jumeirah Heights websites does not exist anymore so it might mean that all of the projects have been cancelled.


... or it might mean that you spend too much time on your computer :cheers:

http://www.alfurjan.com working for me

http://www.jumeirahpark.com dito working for me

http://www.jumeirahheights.com/ dito working for me

http://www.jumeirahvillage.com dito working for me

http://www.pd.ae/ dito working for me

http://www.waterfront.ae/ dito working for me

http://www.theworld.ae/ dito working for me


----------



## williamX

dubaimat said:


> ... or it might mean that you spend too much time on your computer :cheers:
> 
> http://www.alfurjan.com working for me
> 
> http://www.jumeirahpark.com dito working for me
> 
> http://www.jumeirahheights.com/ dito working for me
> 
> http://www.jumeirahvillage.com dito working for me
> 
> http://www.pd.ae/ dito working for me
> 
> http://www.waterfront.ae/ dito working for me
> 
> http://www.theworld.ae/ dito working for me



Now it's working but it didn't work few days. I guess Nakheel didn't pay for hosting and domain names, they are lucky - cibersquotters didn't took their domain names


----------



## Dubaiiscool:)

dubaimat said:


> ... or it might mean that you spend too much time on your computer :cheers:
> 
> http://www.alfurjan.com working for me
> 
> http://www.jumeirahpark.com dito working for me
> 
> http://www.jumeirahheights.com/ dito working for me
> 
> http://www.jumeirahvillage.com dito working for me
> 
> http://www.pd.ae/ dito working for me
> 
> http://www.waterfront.ae/ dito working for me
> 
> http://www.theworld.ae/ dito working for me


Sorry about that it also works for me now.


----------



## jorge antar

FACTBOX-Dubai World restructuring plan


he deal, which includes $9.5 billion aid from Dubai, now faces a jury of creditors.

Initial response from the market has been positive.

Following are details of the plan:

$9.5 BILLION AID

Dubai promised to recapitalize Dubai World and the conglomerate's Nakheel [NAKHD.UL] property unit with $9.5 billion aid through its Dubai Financial Support Fund (DFSF).

Nakheel will get $8 billion to fund operations and settle liabilities. The $1.5 billion balance will go to Dubai World.

There was no new aid from oil-rich neighbour Abu Dhabi.

The cash-strapped Dubai government said it would inject $3.8 billion through internally generated funds, but did not specify where those funds would come from. Most of the $9.5 billion will come from $5.7 billion left from Abu Dhabi's $10 billion loan in December, which helped Dubai World stave off a default.

$10.1 BILLION DEBT-FOR-EQUITY SWAP

Dubai plans to convert $8.9 billion of Dubai World's debt into equity. The company is already wholly owned by the government. The government will also convert its existing $1.2 billion debt claim in Nakheel to equity.

MATURTIY EXTENSIONS

Bank creditors can expect to receive 100 percent of principle repayment as the company issues two tranches of new debt with five and eight-year maturities.

At the end of December, Dubai World creditors held outstanding debt of $14.2 billion, excluding the DFSF.

NAKHEEL'S DEAL

Nakheel's Islamic bonds will be repaid in full on maturity as long as creditors approve the deal.

Dubai will take full ownership of Nakheel once a debt restructuring plan is completed.

Nakheel's trade creditors with outstanding claims of up to 500,000 dirhams ($136,000) will be repaid in cash.

For creditors with claims above that, 40 percent will be paid in cash and the balance in the form of a "publicly tradeable security", expected to be a bond or note.

Secured bank creditors will receive principal and accrued interest or profit through a rollover and maturity extension on existing facilities, based on EIBOR/LIBOR rates.

Nakheel will use a "significant" portion of the funds provided by the DFSF for completing near-term projects.

Customers invested in longer-term projects will be given credit equivalent to 100 percent of their installment payments and an option to swap into projects nearing completion at current market prices.

LIMITLESS EXCLUSION

Limitless World, which once attempted to build a 75-kilometre inland waterway called the Arabian Canal, and which has a $1.2 billion loan repayment due later this month, was left out of from Dubai World's restructuring plan.

Limitless's lenders, which include UAE banks such as Emirates NBD ENBD.DU and Emirates Islamic Bank EIB.DU as well as international players such as Royal Bank of Scotland (RBS.L), asked for the company to be excluded from overall restructuring so that the loan could be negotiated separately.

(Reporting by Shaheen Pasha and Dinesh Nair; Editing by Thomas Atkins and Dan Lalor)


----------



## noir-dresses

In other word's that's like me saying I'm going to help my self pay my telephone bill.


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## Dark Matter

Why the hell was Limitless left out?

I want the Arabian Canal!


----------



## Guest89

*Dubai debt plan meant to show emirate back on feet*

*Dubai debt plan meant to show emirate back on feet*​

*(Reuters) - Dubai's plan to avoid drawing on fresh funds from wealthier neighbor Abu Dhabi in its debt restructuring proposal for Dubai World may be more about presentation than the reality of its balance sheet.*

Not taking new cash from Abu Dhabi was meant to show investors that Dubai can still stand on its own feet. But analysts say the hard reality is that the emirate could never navigate its current troubles without Abu Dhabi's support.

Abu Dhabi, which holds over 90 percent of the United Arab Emirates' oil wealth, may yet have to help out Dubai again despite the message of Thursday's plan for the conglomerate.

"The message is: Let Dubai handle this," Emirati political scientist Abdul-Khaleq Abdullah said. "But you and I and everyone else knows that without Abu Dhabi's help, support, involvement -- which I think will become clearer -- this thing would not have been possible."

There may be other motives to Abu Dhabi's low public profile in the process of restructuring Dubai World's $26 billion debt.

Staying in the shadows could also help to prevent the federal capital from being too strongly associated with Dubai's financial problems, and contain potential spillover.

Dubai said on Thursday it would recapitalize Dubai World DBWLD.UL and repay property unit Nakheel's bonds in full, with $9.5 billion of aid in a debt offer that would promise creditors all their money back in up to eight years.


_Full Article from Source: Reuters_


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## bizzybonita

hopefully, Nakheel tower will be back again to reality .


----------



## bizzybonita

Halcrow nears payment deal with Nakheel











Halcrow nears payment deal with Nakheel. (EB FILE)

Halcrow is very close to finalising certain details in terms of its Nakheel payments issues, according to a senior official.

"We have been working closely with Nakheel to reach an agreement on outstanding payments. We have still to finalise some details, but based on discussions to date, we believe we will be able to reach a mutually acceptable resolution," David Yaw, Regional Managing Director at Halcrow, told Emirates Business in an emailed response.

The company has not been advised of any specific cut-off date from the developer. "We have not been advised of any specific cut-off date for reaching agreement. It is in our joint interest to finalise this matter as soon as possible, and we hope to close this out in days rather than weeks," he added.

The payments are mainly against completed works. "The great majority of the outstanding payments due to us are in respect of projects which we had substantially completed, rather than projects which were put on hold," added Yaw.

Trade creditors of Nakheel could see 40 per cent of their payment in cash this month if 65 per cent of creditors accept the terms. The balance 60 per cent (in tradable security, carrying a 10 per cent annual return) will be paid out once 95 per cent of trade creditors agree.

Nakheel has been able to achieve 50 per cent consensus so far on the cash payments situation.

"All trade creditors have been or are in the process of being paid Dh500,000, which means that those owed Dh500,000 or less are paid in full," said the spokesperson of the developer.

http://www.business24-7.ae/companie...payment-deal-with-nakheel-2010-06-08-1.252762


----------



## gerald.d

Ouch. 

So apparently Nakheel haven't been able to sort out a contract with Palm Utilities for (not sure how many) buildings in Discovery Gardens. 

So this week, the AC gets turned off.


----------



## Dubaiiscool:)

^^

http://www.arabianbusiness.com/590402-dubais-nakheel-resolves-air-con-threat


----------



## gerald.d

Phew!

No wonder they sorted it out though. Can you imagine the negative international press that would have generated?


----------



## Parisian Girl

*More Nakheel job cuts amid restructuring plan*

*Nakheel, the property unit of Dubai World, has made dozens more staff redundant in a fresh round of job cuts, Arabian Business has learned.*

by Joanne Bladd on Sunday, 13 June 2010

The bulk of the redundancies, which were staggered over the last week, affected administrative posts, a source close to the company said.

It is thought at least 30 staff have been laid off, the source said. It is the latest in a string of cutbacks for the developer, which laid off 500 staff in November 2008 at the peak of the global financial crisis, and a further 400 in June last year.

State-backed Nakheel is restructuring $10.5bn of financial liabilities and has asked trade creditors to wait five years to receive full payment after falling behind on its bills.

The Dubai government in March pledged to pump $8bn in cash into the indebted property unit, to help it pay contractors and suppliers and complete its projects.

Nakheel on Sunday confirmed redundancies, but declined to say how many jobs had been cut.

“As part of the restructuring process Nakheel will continue to readjust its current business objectives to accommodate current market conditions,” it said in a statement.

“In doing so, the company also evaluates resource restructuring to ensure efficiency and optimization of skill and talent.” >> _Arabian Business_


----------



## Parisian Girl

Arabtec receives first payment from Nakheel

*Construction giant receives first token payment of Dh500,000 from developer.*

By Sona Nambiar | Published Sunday, June 20, 2010









Arabtec has confirmed receiving the first token payment of Dh500,000 from Nakheel. (EB FILE)

Construction major Arabtec has confirmed that it has received the first payment of outstanding from Nakheel.

"We have been given the first token payment of Dh500,000 as promised to the trade creditors. They have honoured that promise. I am also aware that certain consultants and designers have also got the payments in the market," Tom Barry, CEO of Arabtec Construction, told Emirates Business yesterday.

He did not reveal any names. "No further details have been discussed at this time," he added. Meanwhile, other sources, who did not wish to be revealed, said that KEO International and Van Oord, the marine and dredging firm, were some of the companies, to their knowledge, which received payments. Both the companies were not available for comment. Six Construct said it is still considering the details of the payment terms when contacted.

A Nakheel spokesperson said yesterday that there were no further updates since its e-mailed statement on June 7 to this paper saying that all of its trade creditors "have been or are in the process of being paid Dh500,000, which means that those owed Dh500,000 or less are paid in full", and adding that "our talks with our partners are progressing and we are confident that an agreement will be reached shortly".

In May, Nakheel had said it has secured the agreement of many of its trade creditors, representing claims of about Dh6 billion. It had met with the UAE Contractors Association to discuss the same.

In April, Nakheel had offered its trade creditors 40 per cent cash and 60 per cent in tradable security, carrying a 10 per cent annual return. The developer has been able to achieve 50 per cent consensus so far on the cash payments situation but is not willing to elaborate on whether the consensus figure has gone up since then to this paper. >> _Business 24/7_


----------



## Parisian Girl

Nakheel allots Dh4b to restart projects 

Aims to pay trade creditors over the next two weeks as part of its restructuring plans

# By Nicole Walter, Senior Reporter | Published: 00:00 July 1, 2010









The Palm Jumeirah as seen from the rooftop of the Concorde Tower at Dubai Media City. Nakheel's trade creditors include about 1,000 contractors, suppliers, designers and all other related consultants involving more than 4,000 contracts.

*Image Credit: Oliver Clarke/Gulf News

Dubai: Property developer Nakheel is paying Dh4 billion to its trade creditors over the next two weeks as it plans to restart stalled projects within two months and revisit projects on the drawing board.

"We've started delivering the second stage of the 40 per cent cash payments as per the restructuring plan to our trade creditors. A lot of work has gone into this," Ali Lootah, Chairman, said.

Trade creditors include about 1,000 contractors, suppliers, designers and all other related consultants involving more than 4,000 contracts.

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said in an interview last week that Dubai is on track to finish all the projects it has started.

Nakheel is doing its bit by restarting stalled projects under construction.

These are Jumeirah Park, Al Furjan, Jumeirah Village (South), Jumeirah Heights, Jumeirah Islands and Badrah at Dubai Waterfront.

"We're certain that we'll start negotiations with contractors soon and the target is to start projects again within two months," Lootah said.

*One phase at a time*

"There were hundreds of small accounts. To clear all of them and consolidate them per creditor is a lot in three months. We promised to do it before the end of this month and we did," Lootah said.

The first phase of repayments to those owed less than Dh500,000 has been completed. The second phase is for those owed more than that.

All payments, totalling Dh4 billion, have been initiated. Within two weeks, the transfers should be in the bank accounts of the 75 per cent of creditors who have accepted the restructuring deal, Lootah said.

"We're pumping Dh4 billion of cash into the local economy. This is good news for Dubai and the UAE economy and it would not have happened without the constant support and guidance of our government," he said.

"The effect of Nakheel, having played an important role in the evolution of Dubai's and indeed the region's real estate market, getting back into the action is good news," said Blair Hagkull, managing director, Jones Lang LaSalle, Mena.

"Dubai has continued building its infrastructure over the last two years.

The city now can accommodate significantly more economic activity and Nakheel has played an important part in this.

*Market confidence*

The ability to selectively complete projects that have been started certainly contributes to increased confidence in the market."

The next stage is to strike an agreement with the 25 per cent which haven't signed up to the restructuring deal and to disburse the remaining 60 per cent payable in a publicly traded security with a 10 per cent annual return.

"The next stage is to deliver the sukuk as per the restructuring plan and we're confident that we'll reach that target in the coming months.

"We want to make sure everyone agrees they deserve the deal, but we need 95 per cent to agree," Lootah said.

Projects still on the drawing board will be adapted as necessary to the changed world economic circumstances, Lootah said.

* 4,000 contracts covered under payment scheme

* 75% creditors targeted as part of restructuring deal

>> _Gulf News_


----------



## Richard Head

^^ Jumeirah Islands? Wasn't that finished several years ago?

And surprised to see no mention of Palm Jumeirah. Didn't really expect to see Trump on the list but surely the Golden mile retail and Village centre should be priorities to kickstart back to life?


----------



## Day dreamer

Jumeirah Islands are the Mansion villas which took the place of the originally planned golf course and guest houses and were sold in 2008 for anything between 18 - 25 mio. Resemble more of a ghost town right now. Or maybe they refer to the Club House which till date is not yet ready!!


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## SA BOY

no one left at Nakheel to do the work


----------



## Imre

Richard Head said:


> ^^ Jumeirah Islands? Wasn't that finished several years ago?
> 
> And surprised to see no mention of Palm Jumeirah. Didn't really expect to see Trump on the list but surely the Golden mile retail and Village centre should be priorities to kickstart back to life?


Thats why I think this article is just a blah blah again..

What is the point to finish the Badrah in the middle of the nothing??

They should finish the Palm Jumeirah, Jumeirah Heights and Jumeirah Park first.


----------



## TerryPop

Imre said:


> Thats why I think this article is just a blah blah again..
> 
> What is the point to finish the Badrah in the middle of the nothing??
> 
> They should finish the Palm Jumeirah, Jumeirah Heights and Jumeirah Park first.


For me the Gulf news is a completely unreliable source- proven many times it can be bought.

Numerous examples of it trying to manipulate and pump bull- so thats off the list.

Anyone remember the oil field discovery story? 

We were supposed to get updates on it 3 days after it came out.... still waiting :lol:

The national is the only paper coming close to newsworthy.


----------



## Cayman

Gulf News continually exhibits the lowest journalistic standards of any paper I have seen even in this region.

I am not re-newing my subcription.

The National on the other hand has been improving and appears to be closer to truth when it comes to stories involving Dubai.


----------



## Parisian Girl

*Dubai's Nakheel to handle property unit Limitless*

*A committee overseeing state-owned conglomerate Dubai World, which is in a deal with core lenders to restructure $23.5bn in debt, has handed responsibility of property unit Limitless to Nakheel, Dubai said on Saturday.*

by Reuters on Saturday, 03 July 2010

"The Higher Committee to oversee Dubai World and its units decided to entrust the board of Nakheel with handling responsibilities of Limitless in a step aimed at setting united strategies and programmes to deal with the real estate sector," the Dubai Media Office said in a statement.

It added that the move would also help take advantage of technical and administrative personnel of Nakheel and Limitless so as to achieve the best result for developers, the construction sector and project investors.

The statement gave no further details on the decision.

Dubai sent global markets into turmoil at the end of last year when Dubai World asked creditors for a standstill on debt mainly linked to its two property firms Limitless World and Nakheel, builder of the Gulf state's eye-catching palm-shaped islands.

Confidence in Dubai's property sector had taken a hit in late 2008 when the global economic crisis triggered a 60 percent plunge in house prices from their peaks.

Hundreds of cranes stood motionless as billions of dollars' worth of projects, including developer Nakheel's planned kilometre-high tower, were put on hold or cancelled.

Nakheel said on Wednesday it had started making cash payments to trade creditors, in the second phase of a repayment schedule, and was restarting several projects put on hold during the downturn.

Limitless, which once attempted to build a 75-kilometre inland waterway called the Arabian Canal, was excluded from Dubai World's restructuring plan, unveiled in March. Limitless has already succeeded in rolling over a $1.2 billion Islamic loan due in March.

Separately, the Dubai government statement said a new board had been appointed for Economic Zones World, a unit of Dubai World that the conglomerate said last year would not be included in restructuring efforts.

"The board will work on developing operations of the company," the statement said, adding that it would "work to support the operations of the company in a manner that will cope with the reality of the regional and global economic situation".

It added that the board, to be headed by Hisham Abdullah al-Shirawi, would also work to help the firm benefit from any opportunities. (Reuters) >> _Arabian Business_


----------



## Dubaiiscool:)

*Nakheel fraud defendant dies in fall from 29th floor*

Awad Mustafa
July 11. 2010 

A sales executive implicated in a Dh22 million fraud fell to his death from a Dubai hotel in an apparent suicide, police said yesterday. 

Samir Rafik Shinwi, 31, a Canadian sales consultant of The World Islands, died in the early hours of Friday after plunging from the 29th floor of The Address hotel. 

He was charged in December with accepting bribes, embezzlement and causing losses of up to Dh11 million to Nakheel, the World Islands master developer.

Mr Shinwi was granted bail on June 6 on Dh6 million bond and had to surrender his passport. He was waiting for the Dubai Criminal Court of First Instance to reach a verdict. The court postponed its ruling, which was to have been released last Wednesday, after Judge Fahmy Mounir Fahmy ordered that closing arguments be presented again in September.

Mr Shinwi, who had lived in one of the hotel’s residential studios since his release, was in an unstable psychological condition, a source said.

The source said Mr Shinwi had consumed alcohol on the night of his death and had argued violently with his girlfriend. Hotel employees said the television in his flat was broken after a glass was thrown at it. 

“He was unstable after his release and has been threatening to end his life since his arrest,” the source said.

Mr Shinwi’s girlfriend, who decided to end their relationship that night, left the hotel about 1.30am. He then sent her text messages threatening to commit suicide if she did not return. 

Mr Shinwi then made a phone call to his sister in Canada before he fell to his death, police said.

Police have been questioning hotel staff as well as Mr Shinwi’s girlfriend, who had her passport confiscated until the investigation is completed. His mother, who was in Dubai and was due to travel the same evening, remains in the country, the source said.

Mr Shinwi was arrested in March 2009 after investigations by Dubai Financial Audit Department suggested he embezzled Dh22 million along with his father and four other defendants. They include a Canadian female, LS, a partner at Group 7 Properties, a British businessman BS, Bangladeshi AS, and Russian SM. 

All were charged with presenting a bribe and damaging the interests of a government institution. The Briton, Bangladeshi and Russian have fled the country and are being tried in their absence.

Mr Shinwi was charged with accepting Dh16.6m in bribes from LS; Dh2.7m from AS; and Dh2.5m from SM. His father was implicated because the money allegedly was being funneled through his bank accounts.

The embezzlement and bribery took place between March 25 and September 17, 2008, prosecutors say. 

A first lieutenant from the State Security department told prosecutors they were ordered to detain and investigate the defendant after the Dubai Financial Audit Department completed an audit.

“The defendant was found to have been selling plots on the World Island without following company procedures,” the officer said. “We received information that large amounts were being deposited to the defendant’s father’s account. Monies were also being transferred from that account to pay Emaar for a villa that the defendant purchased.”

The defendant also was asking clients to pay an amount less than the amount needed to book plots and did not fill out booking forms for the company.

“A booking for a plot on the World Islands requires a 15 per cent payment and a booking agreement to be signed,” said a State Security official. “The defendant though asked from five to 10 per cent only and never filled signed the agreements with the clients.”

The court will be officially notified of the death when it resumes hearing the case on September 15.

http://www.thenational.ae/apps/pbcs.dll/article?AID=/20100712/NATIONAL/707119862/1010


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## Dubai_Boy

No Sympathy from me mister Shinwi. bye bye.


----------



## Parisian Girl

*Nakheel takes step towards debt restructuring*

Dubai developer seeks new interest rate on loans in dollars and dirhams

*Bloomberg | Published: 00:00 July 14, 2010

Dubai: Nakheel plans to offer lenders interest of 4 percentage points more than benchmark rates as it seeks to restructure $10.5 billion of debt, according to two bankers with knowledge of the plan.

Nakheel, the builder of the Palm island developments off Dubai's coast, plans to offer the new interest rate on its loans in dollars and dirhams at a meeting today, said the bankers, who declined to be identified because the matter is private.

In return, lenders would agree to extend the lifetime of the loans by five years, the people said.

The proposed terms aren't final, according to one of the people. The loans make up part of the debt that Nakheel is seeking to reorganise, which also includes outstanding payments to suppliers and contractors.

The spreads will be over the Emirates interbank offered rate or the London interbank offered rate, the bankers said.

Spokesmen for Dubai World and the Department of Finance, which has pledged $8 billion to Nakheel, declined to comment.

Nakheel said on March 25 that its secured bank creditors will receive 100 per cent of their principal and accrued interest under an agreement to extend the maturities of its loans.

The developer has one dollar loan outstanding, a $1.85 billion facility that was signed in August 2007 and is currently due to expire in 2012.

The borrower said on June 30 it had begun settling bills from its biggest trade creditors, involving a payout of Dh4 billion.

Nakheel and parent Dubai World are seeking to renegotiate terms on their debt. Property prices have dropped as banks have cut mortgage lending.

*** $8b pledge by Department of Finance

*** $1.85b outstanding dollar loan of developer

*** $10.5b value of Nakheel'stotal debt

>> _Gulf News_


----------



## Parisian Girl

Nakheel proposes 7 yrs to repay Islamic loan 

By Rachna Uppal | July 26, 2010 at 17:37 









A car drives past a line of Nakheel banners along Sheikh Zayed road in Dubai. Photograph: AFP 

*DUBAI - Nakheel, the property developer behind Dubai's palm-shaped islands, has proposed repaying its bank debt after five years and one outstanding $1.85 billion syndicated Islamic loan after seven, a source close to the company said.*

Bankers have until the end of August to respond to undisclosed terms of Nakheel's multi-billion dollar restructuring plan, including the rates of interest and repayment schedules for syndicated and bilateral loans.

The source said under the plan, repayment of Nakheel's $1.85 billion Islamic loan, due 2012, would take seven years while all other bank lending debt would be paid after five years.

A spokeswoman for the Dubai government and a spokesman for parent firm Dubai World both declined to comment.

Few details of the proposals put to bankers earlier this month are known but separate rates of interest are expected for different loans. One proposal is a rate of 4 percent, a source told Reuters at the time.

Nakheel's talks with creditor banks centre on the syndicated loan, which is based on a sharia-compliant Ijara leasing structure and backed by a tangible asset, as well as an unknown number of bilateral loans.

Barclays Capital, National Bank of Abu Dhabi and Dubai Islamic Bank comprise a coordinating committee handling the restructuring.

The majority of mandated arrangers on the loan are UAE lenders and include Emirates NBD and Abu Dhabi Commercial Bank, both on a bank panel handling talks with Nakheel's parent Dubai World.

Participants include both regional and international lenders, including several Asian lenders.

The restructuring talks of Nakheel, which overstretched itself building islands in the shape of palms and other ambitious real estate projects, are separate from those of its equally troubled parent Dubai World.

Last week, Dubai World warned that lenders, aside from the government's own support fund, would face a "significantly" worse deal if its debt plan fails and it is forced to seek liquidation, according to the debt restructuring plan outlined to bankers.

Pending creditor approval for the two debt deals, it is envisaged that the Dubai government will take on direct and full ownership of Nakheel, Dubai World's chief restructuring officer said in March. 

>> _maktoob_


----------



## zhenfeng01

More images visit:


----------



## Dubaiiscool:)

*Nakheel to restart work on six projects*

Ben Roberts 
Aug 18, 2010 









_The developer has reengaged with contractors._

Dubai developer Nakheel is to restart work on six projects next month, according to the company. 

The developer of the palm shaped islands off the emirate’s coastline said in a statement: “Nakheel is currently engaging contractors in the short-term projects with a view to continuation in the coming weeks. We expect that all short-term projects will be fully mobilised by early October 2010.”

The residential projects, first quoted by The National newspaper, are likely to be Jumeirah Park, Al Furjan, Jumeirah Village, Jumeirah Islands Mansions, Jumeirah Heights Clusters and Al Badrah. All are dotted around Dubai close to the foot of Palm Jumeirah, except for Al Furjan, a residential community project in ‘New Dubai’, nearer Jebel Ali.

The Mansions are to be situated on Jumeirah Islands, a self-contained complex within man-made islands.

Payments to contractors and creditors have started to flow in the last quarter following a protracted period of scaling back of projects. Nakheel is to repay loans with 60% Sukuk bonds and 40% in cash.

In June Arabtec, the UAE’s biggest contractor – which is also publicly listed – received a first token payment of AED500,000 from then stricken developer, whose projects have done much to transform the Dubai landscape in the last decade.

By July Nakheel said at the time that it was in the process of paying all its creditors that amount. The company has been attempting to restructure US$10.5 billion in debts.

Arguably the company's most famous venture is The World, a cluster of man-made islands that mimic countries. Only a few European destinations, such as Germany and Monte-Carlo - part of the Heart of Europe project by developers Kleindienst, have seen recent progress.

http://www.constructionweekonline.com/article-9263-nakheel-to-restart-work-on-six-projects/


----------



## ua_emirates

Any new on IBB mall expansion and The news on (The Great Mall Dubai) ?


----------



## Parisian Girl

*Nakheel repays $680 mln to creditors*

*DUBAI - Dubai property developer Nakheel repaid 2.5 billion dirhams ($680.8 million) to contractors in July, out of the 4 billion dirhams it owes to creditors, its chairman was cited as saying on Sunday.*

Aug 22, 2010 at 11:24 

Nakheel has the approval to restructure from 80 percent of its creditors and has no plans to sell assets, Ali Rashid Lootah told Arabic daily al-Khaleej. (www.alkhaleej.ae)

Under a restructuring proposal issued by its parent company Dubai World in March, Nakheel creditors would receive repayment through a mix of 40 percent cash and 60 percent tradeable security, in the form of an Islamic bond.

The builder of man-made islands shaped like palms said it began cash payments to trade creditors in a statement issued on June 30. The 40 percent is equivalent to 4 billion dirhams. maktoob


----------



## nagshah

In Arabic we say 'oh night, you are so long'. Means with Nakheel we will not see the homes we bought in the near future.


----------



## GESolar

I heard they just bought a luxurious resort in Los Cabos, México . . .


----------



## True Blue

^^Surely not!

They pay Arabtec about enough money to buy a studio in the marina and use the rest to buy a resort in Mexicohno: They must owe Arabtec 100 times that amount.


----------



## Parisian Girl

Wasn't that something like two years ago??


----------



## Parisian Girl

*Nakheel bank debt $10.5bn; to get Dubai World assets*

*Dubai's Nakheel has $10.9bn of bank debt and will receive key assets from parent company Dubai World for its business plan after separation, a restructuring document showed on Wednesday.*

by Amena Bakr on Wednesday, 25 August 2010

The developer, which overstretched itself building islands in the shape of palms and other ambitious real estate, has $5.1 billion of trade creditor claims and $9.2 billion of customer liablities, the document obtained by Reuters showed.

The government will also pump $7.3 billion of new equity and equitise a further $5.3 billion of claims to recapitalise Nakheel, it said.

"Certain assets and businesses required for Nakheel's business plan will be transferred from Dubai World Group to Nakheel," the document said.

Assets to be transferred are Nakheel Harbour & Tower land, land at its Waterfront development which forms the security for the 2011 sukuk (an Islamic bond), Dubai World's 50 percent stake in its Al Mamzar joint venture, Dubai World's 99 percent stake in Nakheel Leisure LLC, Coastal Communities Distribution FZE and Retailcorp Entertainment FZE, according to the document.

Nakheel said on Tuesday it has repaid approximately 2.5 billion dirhams ($681 million) to contractors in July.

Under a restructuring proposal issued by Dubai World in March, Nakheel creditors would receive repayment through a mix of 40 percent cash and 60 percent tradeable security in the form of an Islamic bond.

The 40 percent is equivalent to 4 billion dirhams, a company spokesman told Reuters in July. ($1=3.672 UAE dirham) (Reuters) _Arabian Business_


----------



## True Blue

Never ever before in my life have I ever heard of a construction/developer cease trading with $5.1Billion trade creditors and $9.2Billion other liabilities. There are no words to describe just how un viable this company is to be allowed to continue trading.


----------



## nijushiho

Begining of Law suits flood against Nakheel

$49m case starts off Dubai World Tribunal trade claims
Bradley Hope

Last Updated: September 19. 2010 10:24PM UAE / September 19. 2010 6:24PM GMT A construction company based in Dubai has filed a claim for US$49 million (Dh179.9m) against Nakheel with the Dubai World Tribunal, in the biggest case the body has faced.

The action will be closely followed by the industry as debt restructuring negotiations continue with the developer.

Construction Delivery Group (CDG) says it is owed the money, as well as interest and damages, for managing 1,224 villas and 114 “Canal Cove homes” on the Palm Jumeirah while they were being handed over to owners. The contract lasted from March 2007 to January last year.



David Coletti, the managing director of CDG, declined to comment yesterday. Nakheel said it did not comment on ongoing legal claims.

Sachin Kerur, a partner in the construction practice at the law company Pinsent Masons, said the CDG case would be “closely watched” by companies in the industry that are owed money by Nakheel, most of which are still in negotiations.

“Any journey through the tribunal will be watched from a variety of perspectives,” Mr Kerur said. “They will be interested to see how the case is prosecuted, how the process unfolds.” The Dubai World Tribunal was set up in December last year to handle claims against the conglomerate after it entered financial difficulties. So far, 11 cases worth a total of $53.8m have been filed in the tribunal.

http://www.thenational.ae/apps/pbcs.dll/article?AID=/20100919/BUSINESS/709199882/1005


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## Dubaiiscool:)

*Nakheel restarts work at Dubai's Al Furjan project*

Joanne Bladd 

22 September 2010 









_DUBAI DEVELOPER: Nakheel earlier this year had delayed payments to contractors and suppliers. *(Getty Images)*_

*Nakheel, the debt-laden real estate arm of Dubai World, on Wednesday said it had restarted work on its Al Furjan Project in Dubai.*
Nakheel earlier this year had delayed payments to contractors and suppliers causing Arabtec Holding to suspend work at the 560-hectare Al Furjan project after building only 500 of a planned 4,000 homes. 

The developer has hired Al Shafar Transport and Contracting Co to restart the project, it said in an emailed statement.

“We expect that all short term projects will be fully mobilized by October 2010,” the statement said. 

http://www.arabianbusiness.com/597717-nakheel-restarts-work-at-dubais-al-furjan-project-


----------



## Parisian Girl

*Nakheel says creditor claim will not delay deal*

_*Nakheel, Dubai World's property developer unit, disputed the validity of a creditor claim filed against it*_

By Reuters | Published Wednesday, September 22, 2010

Nakheel, Dubai World's property developer unit, disputed the validity of a creditor claim filed against it, saying the claim will not delay its debt deal.

Construction Delivery Group (CDG) filed a suit in mid-August with the special tribunal set up to handle cases related to Dubai World's debt restructuring.

The Dubai-based firm said it is owed Dh50 million ($13.6 million) in principal, interest and damages related to a facilities management contract for properties at the Palm Jumeirah, one of Dubai's three artificial palm-shaped islands.

In an emailed statement, Nakheel said the claim "is not a standard creditor claim, but rather a claim the whole of which is disputed, and where there is a substantial counter claim."

Legal experts have voiced concerns that claims filed in the tribunal against Dubai World or its subsidiaries could potentially cause the restructuring to come to a halt until the matter is resolved in court.

Nakheel said it has approximately 85 per cent of acceptances, by value, for its restructuring deal and is "well on target to achieve its 95 per cent acceptance of all payables and claims within the near future," according to the statement sent to Reuters late Tuesday.

Under Nakheel's restructuring plan, trade creditors have been offered 40 per cent of what they are owed in cash and the rest through an Islamic bond, or sukuk.

David P Colletti, Managing Director of CDG, declined to comment on the case or Nakheel's statement. _Emirates 24|7_


----------



## Parisian Girl

*Nakheel to complete debt restructuring by year-end*









_Nakheel, the property development arm of Dubai World, encountered some severe financial difficulties after the recession. _

http://www.constructionweekonline.c...l-to-complete-debt-restructuring-by-year-end/


----------



## noir-dresses

This is Dubai's Enron. :bash:


----------



## Dubaiiscool:)

*Nakheel applied to Nasdaq Dubai to list sukuk - Arabtec CFO*

Bloomberg

27 September 2010









_UAE COMPANY: Arabtec is a trade creditor of Nakheel and is involved in the company’s debt restructuring. *(Getty Images)*_

*Nakheel, the developer of palm-shaped islands off Dubai's coast, has applied to the Nasdaq Dubai stock exchange to list a sukuk, or Islamic bond, said Ziad Makhzoumi, chief financial officer of contractor Arabtec Holding Co.*

“In my understanding, Nakheel has already applied to Nasdaq Dubai to list the sukuk,” Makhzoumi told reporters at a conference in the UAE emirate of Ras al Khaimah on Monday. “We see the listing by year end but it’s not our decision.”

Arabtec is a trade creditor of Nakheel and is involved in the company’s debt restructuring.

Arabtec Holding has a AED22bn order book backlog at the end of last quarter, Makhzoumi told reporters.

“At the end of the last quarter our backlog was AED22bn including Russia,” he said in reference to a project to build a tower in Russia for Gazprom OAO*.(Bloomberg)*

http://www.arabianbusiness.com/597988-nakheel-applied-to-nasdaq-dubai-to-list-sukuk---arabtec-cfo-


----------



## Parisian Girl

*Nakheel counts down completion of Al Furjan*

_Masaken Al Furjan master community neighbouring Discovery Gardens is now more than 98 per cent complete_

* By Nicole Walter, Senior Reporter | Published: 00:00 September 27, 2010 | Gulf News

Dubai: Nakheel announced on Sunday it is close to completing a set of residential apartments in its Al Furjan master community neighbouring Discovery Gardens and The Gardens.

The recommencement of the final construction is being carried out by civil engineering and construction firm Al Basti & Muktha LLC.

"Masaken Al Furjan is now more than 98 per cent complete. Masaken Al Furjan will be the first development within the Al Furjan community to reach the handover stage," said a Nakheel spokesperson.

The seven Arabesque style mid-rise buildings located in the East Village Centre of Al Furjan behind Ibn Battuta Mall range from G+3 to G+5 housing 335 one- to three-bedroom units and over 700 parking spaces.

Aimed to become a family-friendly community the design incorporates a courtyard feel room for pool, barbeque and fitness areas. The community can be accessed by car from Shaikh Zayed Road as well as by Dubai Metro.

The announcement follows close on the heels of the developer restarting construction of 800 villas in Al Furjan. The 560 hectare development divided into two phases will eventually have over 4,000 homes. The Grand Fort Hotel, some offices and other mixed-use plots taken up by sub-developers were also in the planning.

Now the developer is concentrating on phase one in line with its restructuring plan to finish all short-term projects. "The focus is to finish the restructuring and the eight projects first within two years," the spokesman said.

_Gulf News_


----------



## Parisian Girl

*Nakheel to restart Gardens View Villas*

_*Project expected to complete in 2011 Q3*_

By Staff | Published Tuesday, September 28, 2010









_Nakheel to restart Gardens View Villas. (FILE)_

Property developer Nakheel has announced the recommencement of construction works on Gardens View Villas in Dubai.

Construction company Ghassan Al Khaled Company (GAK) is expected to remobilise within one week. The development comprising 134 townhouses in The Gardens development is expected to be completed in the third quarter of 2011, a Nakheel spokesperson said in a statement.

Earlier, a news agency reported that Nakheel was planning to issue a $1.63 billion (Dh6 bn) Islamic bond as part of its debt repayment plan as it restarts several key projects.

Under the restructuring plan, trade creditors have been offered 40 per cent of what they are owed in cash and the remaining 60 per cent through a sukuk Islamic bond.

_Emirates 24|7_ 


- http://www.thegardens.ae/ -


----------



## Parisian Girl

*Nakheel plans $1.6bn bond: report*

_*Sources say the bond, or sukuk, would be listed on Nasdaq Dubai*_

By Reuters | Published Tuesday, September 28, 2010









_The Islamic bond is being launched as part of Nakheel's debt repayment plan. (FILE)_

Developer Nakheel plans to issue a Dh6 billion ($1.63 billion) Islamic bond as part of its debt repayment plan, a UAE daily said on Tuesday, citing trade creditors to Nakheel.

Arabic language daily Al Ittihad said the bond, or sukuk, would be listed on Nasdaq Dubai, citing executives at contracting companies.

A Nakheel spokeswoman declined to comment on the report. A Nasdaq Dubai spokesman also declined comment.

Under Nakheel's restructuring plan, trade creditors have been offered 40 per cent of what they are owed in cash and the remaing 60 per cent through a sukuk.

Nakheel has said it has about 85 per cent of acceptances, by value, for its debt restructuring and was "well on target to achieve its 95 per cent acceptance of all payables and claims within the near future."

The company will proceed with the listing after it obtains a 95 per cent agreement from creditors, the paper added.

Nakheel, the property arm of state-owned conglomerate Dubai World and undergoing parallel negotiations with its creditors, has yet to secure backing for its plan.

The developer expects to complete its debt restructuring by the end of the year, its chief executive said on September 23.

_Emirates 24|7_



Old pic!


----------



## Parisian Girl

*Nakheel repays Dh3.4bn to trade creditors*

_*Reports progress in recapitalisation plan*_

By Staff | Published Thursday, September 30, 2010

Dubai developer Nakheel on Thursday said it repaid Dh3.4 billion ($925.9 m) it owes to trade creditors, as part of its debt repayment plan.

"Nakheel has approximately 85 per cent (by value) of acceptances and is working closely with the rest of our trade creditors to achieve its 95 per cent acceptance of all payables by the end of the year," it said in a statement.

“Nakheel has made Dh3.4 billion cash payments to our trade creditors ‘up to date’. Today’s announcement marks significant progress in our recapitalisation plan, following on from the initial payments to trade creditors of Dh 500,000 or less, which commenced in March 2010,” the statement said.

Under Nakheel's restructuring plan, trade creditors have been offered 40 per cent of what they are owed in cash and the rest through an Islamic bond or sukuk.The 40 per cent is equivalent to Dh4 billion.

Nakheel has recently restarted projects and expects to complete its debt restructuring by the end of 2010.

_Emirates 24|7_


----------



## nijushiho

Parisian Girl said:


> _*Nakheel plans $1.6bn bond: report Sources say the bond, or sukuk, would be listed on Nasdaq Dubai*_
> 
> Published Tuesday, September 28, 2010
> 
> 
> _The Islamic bond is being launched as part of Nakheel's debt repayment plan. (FILE)_
> 
> Developer Nakheel plans to issue a Dh6 billion ($1.63 billion) Islamic bond as part of its debt repayment plan, a UAE daily said on Tuesday, citing trade creditors to Nakheel.
> 
> Arabic language daily Al Ittihad said the bond, or sukuk, would be listed on Nasdaq Dubai, citing executives at contracting companies.
> 
> A Nakheel spokeswoman declined to comment on the report. A Nasdaq Dubai spokesman also declined comment.
> 
> Under Nakheel's restructuring plan, trade creditors have been offered 40 per cent of what they are owed in cash and the remaing 60 per cent through a sukuk.
> 
> Nakheel has said it has about 85 per cent of acceptances, by value, for its debt restructuring and was "well on target to achieve its 95 per cent acceptance of all payables and claims within the near future."
> 
> The company will proceed with the listing after it obtains a 95 per cent agreement from creditors, the paper added.
> 
> Nakheel, the property arm of state-owned conglomerate Dubai World and undergoing parallel negotiations with its creditors, has yet to secure backing for its plan.
> 
> The developer expects to complete its debt restructuring by the end of the year, its chief executive said on September 23.
> 
> _Emirates 24|7_
> 
> 
> 
> 
> 
> Parisian Girl ..........These articles contradict each other! non sense! just another example of the Dubai PR machine going into overdrive
> 
> *Dubai Doesn't Plan to Sell More Bonds in the `Near Future', Al Saleh Says*
> Dubai, which raised $1.25 billion in a two-part bond sale this week -- its first sovereign debt issue since the Dubai World credit crisis roiled global markets -- has no current plans to issue more bonds.
> The emirate doesn’t plan to issue a bond in the “near future, because the resources currently available and the operating revenue, at the present time, meet the requirements for the operating expenses and capital expenditures,” Abdulrahman Al Saleh, director general of Dubai’s Department of Finance, told Dubai TV today according to a transcript of his remarks on the state-run WAM news agency.
> The government of Dubai “was not under pressure,” when it sold $1.25 billion in bonds, and this was a measure taken “to enhance the development of the emirate in global markets,” Al Saleh said as quoted by WAM. The demand for the bonds is a response “to all those who doubted the ability of the emirate to deal with investors and its ability to enter global markets.”
> The Persian Gulf financial hub’s five-year, $500 million note was priced to yield 6.7 percent, while the $750 million 10- year bond was priced to yield 7.75 percent. The bonds generated more than 370 orders valued at about $5 billion, according to a government statement this week.
> About 35 percent of the issue was subscribed by Asian investors, followed by 30 percent from European investors and 30 percent by Middle Eastern investors, Al Saleh said.
> Dubai World, one of the emirate’s three main state-owned holding companies, said Sept. 10 that creditors holding more than 99 percent of the value of its loans approved a plan to alter the terms on $24.9 billion of debt. The deepest financial crisis since the 1930s sparked a more than 50 percent decline in property prices in Dubai and froze credit markets, preventing some of the emirate’s state-owned companies from raising new loans.
> Dubai’s government has projected a deficit of 5.99 billion dirhams ($1.6 billion) this year, narrowing from 12.9 billion dirhams last year, according to a bond prospectus published Sept. 27. Dubai’s government had outstanding debt of 105.47 billion dirhams at the end of July, according to the prospectus.
> Saleh said he expected government spending to “decline by a high rate as soon as infrastructure projects are completed by the end of this year or in 2011, which will boost the budget and allow the government to develop new facilities in the future.”
> Dubai’s sale is the first by the emirate after Dubai World announced plans last November to delay debt repayments. Dubai and its state-owned companies borrowed $109.3 billion as the emirate transformed itself into a financial, logistics and tourism hub, with about $15.5 billion of debt due this year, according to estimates from the International Monetary Fund.
> 
> http://www.bloomberg.com/news/2010-...e-bonds-in-the-near-future-al-saleh-says.html


----------



## Dubaiiscool:)

Nakheel and Dubai is two diferent things so go figure!:nuts:


----------



## Parisian Girl

*Nakheel plans sukuk sale in 2011 after slump: Islamic finance*

By Bloomberg | Wednesday, 1 December 2010 6:02 PM









_SUKUK SALE: Nakheel is amongst 5 borrowers in the Gulf region that may offer Islamic bonds next year_



> National Commercial Bank, Saudi Arabia’s largest lender and Dubai developer Nakheel are among five borrowers in the Arabian Gulf that may offer Islamic bonds next year after sales dropped 40 percent in 2010.
> 
> Companies in the region announced this quarter plans to sell as much as $3bn of sukuk, according to data compiled by Bloomberg. Five companies in the Gulf raised $4bn through Islamic bonds this year, down from the $6.7bn raised in 2009 by seven issuers, the data show.


_Arabian Business_


----------



## Parisian Girl

*Dubai's Nakheel to issue $1.6 bln bond end Jan -report*

_Dec 16, 2010 at 08:36 

By Reuters_

DUBAI - Troubled Dubai developer Nakheel plans to issue a 6 billion dirham ($1.63 billion) Islamic bond, part of its restructuring plan, to trade creditors at the end of January, its chairman was reported as saying.

"We are confident that we can close the file during the coming 45 days," Arabic daily al Bayan quoted Ali Rashid Lootah as saying on Thursday.

Nakheel has 85 percent of acceptances by value for its debt restructuring.

"The remaining 10 percent should not be hard to get on board," Lootah added.

Under the developer's restructuring plan, trade creditors have been offered 40 percent of what they are owed in cash and the remaining 60 percent through a sukuk.

Nakheel's chairman said in October he was confident the restructuring would be completed by year end.

Faisal Mikou, Executive Vice President of the Investment Corporation of Dubai (ICD) said last month Nakheel would issue the bond in the first quarter. 

http://en.news.maktoob.com/20090000...ssue_1_6_bln_bond_end_Jan_-report/Article.htm


----------



## Parisian Girl

*Dubai tribunal rules against Nakheel on fees*

By Joanne Bladd | Wednesday, 22 December 2010 8:33 AM









(ITP Images)

Nakheel, the real estate arm of troubled conglomerate Dubai World, on Tuesday lost its attempt to raise AED41m in late fees from a buyer on the offshore World development in a landmark ruling by a Dubai tribunal.

The ruling requires Nakheel to finalise a ‘consolidation agreement’, and credit nearly AED30m in downpayments on two islands to a plot in Jumeirah Village, owned by one of the claimants, Diamond Developers.

Nakheel offered these credit swaps in the wake of Dubai’s real estate crash, to enable buyers to transfer cash from unfinished or halted developments to completed real estate.

The deal, agreed in March 2010, would enable Diamond to pay off its plots and secure the certificates needed to hand over nearly 1,400 units to its buyers.

In exchange for the payment, Perseus- the company behind the World purchases – would receive real estate to the value of its credit.

In July, however, Nakheel issued a demand for an additional AED41m in ‘delay fees’, a penalty for late payment on the two islands.

Nakheel said it had not signed the consolidation agreement and refused to issue five of the outstanding ‘no-objection’ certificates (NOC), stopping Diamond from handing over properties to end users.

The tribunal, however, ruled that a binding contract was in place and that Nakheel’s claim for AED41m in late fees was unjustified.

The two-day trial was the first completed by the Dubai World tribunal, a panel set up to resolve disputes relating to Nakheel’s parent company.

The subsequent ruling could have widespread implications for other buyers on the World development.

Jonathon Davidson, managing partner of UAE-based legal firm Davidson & Co, which represented the claimants, said the result could bolster the confidence of investors.

“It is certainly a clear indication of the manner with which their cases will be dealt,” he said. “The result is already drawing interest from other purchasers in a similar situation.”

The litigation process itself – which can often take up to eight months – was concluded in ten weeks, after Davidson & Co appealed for an urgent hearing.

“The tribunal sat till 7pm both nights of the trial to ensure that all of the evidence could be properly presented,” Davidson said.

_Arabian Business_


----------



## SA BOY

im shocked at the ruling....maybe there is some new found tranparency in dubai.


----------



## spiderwoman

Does anyone know if Nakheel are able to organise swaps for properties that are due to be built versus those that are not. The reason I am asking is that we have a 2 bedroom TH in Jumeirah Village District 9. My understanding is that this property is due to be completed, but we do not want it. Does anybody know if there is a facility in place or if they are entertaining any discussions on swaps if so, any contacts for this. We tried speaking with Tamweel but they do not want to know. Apologies in advance if this is not the right place to post this question.


----------



## MANUTD

SA BOY said:


> im shocked at the ruling....maybe there is some new found tranparency in dubai.


Hope so - hope Arbitration starts to favour investors too against rogue developers -- lets wait and see


----------



## True Blue

SA BOY said:


> im shocked at the ruling....maybe there is some new found tranparency in dubai.


I'm shocked that you are shocked!

If the authorities can not sort out this mess with balanced judgements then there would be no chance of the real estate sector ever recovering. 

What is dissapointing is that Nakheel can not stand by their word and reach fair agreements with investors who find themselves with cash tied up in dead Nakheel projects. Through their miss guided actions, Nakheel continue to be an "AVOID" investment partner.


----------



## Parisian Girl

*New claims may add to Nakheel's legal woes*



> By Reuters | Sunday, 26 December 2010 2:50 PM
> 
> Property developer Nakheel's restructuring plan is being complicated by new claims from trade creditors that could lead to more legal headaches, two sources familiar with the matter said.
> 
> Unlike parent firm Dubai World , which secured unanimous support from lenders within a year for its $25bn debt restructuring plan, Nakheel is struggling to negotiate terms with a mass of contractors that hold the keys to its many delayed projects.
> 
> "Nakheel is in a much more complicated restructuring than even Dubai World," said one source with direct knowledge of Nakheel's restructuring plans.
> 
> "Dubai puts a lot of importance on the trade creditors for the sake of the economy so there has to be a lot more room for negotiation."


http://www.arabianbusiness.com/new-claims-may-add-nakheel-s-legal-woes-369361.html


----------



## SA BOY

True Blue said:


> I'm shocked that you are shocked!
> 
> If the authorities can not sort out this mess with balanced judgements then there would be no chance of the real estate sector ever recovering.
> 
> What is dissapointing is that Nakheel can not stand by their word and reach fair agreements with investors who find themselves with cash tied up in dead Nakheel projects. Through their miss guided actions, Nakheel continue to be an "AVOID" investment partner.


ive lived here long enough, thats why im shocked


----------



## Parisian Girl

*Nakheel reaches accord with 91% trade creditors*

_Ninety-one per cent by value of trade creditor accounts payable has been finalised in signed restructuring undertakings_









_Nakheel said it will "continue to work to achieve the required 95 per cent restructuring threshold". Image Credit: Gulf News_



> By Nadia Saleem, Staff Reporter | Published: 15:28 December 29, 2010
> 
> Dubai: Property developer Nakheel on Wednesday said 91 per cent of its trade creditors by value have agreed to the terms of its repayment of $10.5 billion worth of debt, but remains 4 per cent short of the level at which it can begin to implement the plan.
> 
> These accounts payable have been "finalised in signed restructuring undertakings", a statement from the developer said.
> 
> The repayment plan includes different methods to settle its debt, but on condition that 95 per cent creditors by value agree to the terms.
> 
> The developer said it is working to reach the "restructuring threshold", which chairman Ali Rashid Lootah said in October would be accomplished by the end of this year.
> 
> The company did not give further details and did not respond to queries.


http://gulfnews.com/business/property/nakheel-reaches-accord-with-91-trade-creditors-1.737886


----------



## Parisian Girl

*Nakheel gets funding to repay $750m sukuk*

_*Says funding from financial support fund and would seek delisting from Nasdaq Dubai*_

By Reuters | Published Thursday, December 30, 2010









_The company said sufficient funds were made available by the Dubai Financial Support Fund for repayment of the Islamic bond due on Jan.16 (FILE)_



> Property developer Nakheel said on Thursday that it would repay its $750 million Islamic bond that matures next month, following funds being made available by Dubai.
> 
> The company said in a statement to emirate's bourse that sufficient funds has been made available by the Dubai Financial Support Fund for repayment of the Islamic bond that is due on January 16, 2011.


http://www.emirates247.com/business...nding-to-repay-750m-sukuk-2010-12-30-1.335930


----------



## Parisian Girl

*Nakheel to restart five more projects next year*



> _$871m in funds will help realty developer pay off certificate holders for the sukuk maturing in January_
> 
> By Nadia Saleem, Staff Reporter | Published: 00:00 December 31, 2010
> 
> Dubai: Dubai property developer Nakheel will restart five more projects as it receives cash from the Dubai Government to pay off the sukuk maturing next year.
> 
> Work will resume on Jumeirah Park, Badrah, Veneto, Jumeirah Heights Clusters, Jumeirah Village the Triangle and Circle, a Nakheel spokesperson told Gulf News.


http://gulfnews.com/business/property/nakheel-to-restart-five-more-projects-next-year-1.738685


----------



## Parisian Girl

_Nakheel is asking for 49million AED in unpaid fees and damages from Construction Delivery Group (CDG). _



> by CW staff on Jan 1, 2011
> 
> Nakheel is asking for 49million AED in unpaid fees and damages from Construction Delivery Group (CDG), claiming the company did not properly maintain more than 1,300 villas on the Palm Jumeirah.
> 
> CDG originally filed a lawsuit against Nakheel, owned by Dubai World and Nakheel Asset Management and Propertycorp, a subsidiary of Nakheel, in the Dubai World Tribunal in August last year.
> 
> CDG was originally hired to provide facility management services to 1,224 villas and 114 "Canal Cove" homes on the Palm Jumeirah between March 2007 and January last year, but said it did not receive full payment and the contract was wrongfully terminated.


http://www.constructionweekonline.c...el-seeks-49maed-from-cdg-in-counter-sue-case/


----------



## Parisian Girl

*Nakheel pays off Dh3.9bn loan to trade creditors*









Nakheel on Sunday announced that it had repaid Dh3.9bn loan to trade creditors (FILE)



> By Staff | Published Sunday, January 02, 2011
> 
> Nakheel, the Dubai property developer behind the emirate’s manmade islands, said on Sunday that it had paid off Dh3.9 billion loan to trade creditors.
> 
> A Nakheel spokesperson said: “We are delighted to announce that Nakheel has to date made payments of Dh3.9 billion to its trade creditors. Today’s announcement marks significant progress in our recapitalisation plan, following on from the initial payments to trade creditors of Dh500,000 or less, which commenced in March 2010.”


http://www.emirates247.com/property...n-loan-to-trade-creditors-2011-01-02-1.336932


----------



## Parisian Girl

*Steel prices jump on Nakheel resuming projects*



> By Staff | Published Monday, January 03, 2011
> 
> Steel prices in the UAE have been on the rise over the last few months due to shortage and hope of resumption of projects by Nakheel and other Dubai developers.
> 
> Steel rebar prices jumped by ‬Dh200 to Dh2,650 per tonne in the last week of December due to shortage and industry players believe that the prices will continue rising due non-supply of Emirati and Turkey steel.
> 
> The engineering consultants and contractors told Al Bayan that steel suppliers are jacking up prices due to higher demand based on resumption of real estate projects by Nakheel and other Dubai companies.


http://www.emirates247.com/property...nakheel-resuming-projects-2011-01-03-1.337342


----------



## Parisian Girl

*Project on The Palm goes to Dubai World Tribunal*
















A joint venture part-owned by the largest foreign developer on The Palm is suing Nakheel as part of the Dubai World Tribunal. The shoreline apartments (right) and the Golden Mile (left) at the Palm Jumeirah.

Callaghan Walsh / Jaime Puebla / The National 



> Asa Fitch | Last Updated: Jan 5, 2011
> 
> A joint venture part-owned by the largest foreign developer on The Palm Jumeirah is seeking payment of Dh920 million (US$250.4m) from Nakheel in the Dubai World Tribunal.
> 
> The Dubai property company faces a claim over the alleged non-cancellation of a deal in the biggest case so far before the tribunal.
> 
> The claim is the second volley in an intensifying legal skirmish between Nakheel, the developer that built The Palm, and Souq Residences, the partnership behind the emirate’s Golden Mile.
> 
> The Golden Mile is a string of residential buildings with offices and shops on the trunk of The Palm. Launched as a central business and residential district with cafes and restaurants on the ground level, many of its retail outlets now sit vacant.
> 
> Nakheel, which is owned by Dubai World, fired the first salvo against Souq Residences last November. It went to the tribunal to recover Dh100m it says it put towards buying the retail space in the Golden Mile before the transaction was cancelled in early 2009.
> 
> Set up in 2004, Souq Residences is a 50-50 joint venture between Kuwait’s IFA Hotels and Resorts and Istithmar World, another Dubai World subsidiary. IFA, a Kuwaiti developer and hotel operator, was one of the earliest and biggest investors in The Palm.
> 
> But Souq Residences, which is run by IFA, fired back last month, according to court documents, lodging the Dh920m claim against Nakheel.
> 
> It alleges in its claim that Nakheel’s agreement in July of 2008 to buy retail space in the Golden Mile project for about Dh1 billion was never actually cancelled. Nakheel, therefore, owes the remainder of the purchase price, Souq Residences claims.


http://www.thenational.ae/business/property/project-on-the-palm-goes-to-dubai-world-tribunal


----------



## Parisian Girl

*Nakheel wins right to reclaim funds from Indian contractor*



> _Dubai World Tribunal dismisses claim by Gammon and Billimoria_
> 
> Financial Times | Published: 00:00 January 8, 2011 | Gulf News
> 
> Dubai: Nakheel has won the right to reclaim funds from one of its contractors in spite of failing to agree on how much money it owes its builder after cancelling one of its projects in 2008.
> 
> In its first victory at a tribunal hearing disputes relating to Nakheel's parent, Dubai World, Justice Sir John Chadwick, member of the Dubai World Tribunal, dismissed an attempt by Gammon & Billimoria, an Indian contractor, to stop the developer's demand last month for repayment of Dh32 million in advances.
> 
> In recent months, Nakheel has lost several hearings, twice having attempts to recover funds from contractors blocked.
> 
> Last month, the tribunal also stopped the developer from demanding extra fees from clients who were trying to shift down payments from one project to another.
> 
> The ruling may encourage Dubai World's development arm to recover funds in cases where it has yet to agree on the final settlement amount as it seeks to finalise settlements with contractors who were left with billions of dollars of unpaid invoices when the financial crisis struck.
> 
> Nakheel says it has agreed 92 per cent of the outstanding liabilities to trade contactors as part of the broader $25 billion (Dh91.95 billion) extension of maturities agreed with financial creditors last year.
> 
> When it reaches 95 per cent, which officials believe could take place this quarter, the developer will issue sukuk to large contractors, covering about 60 per cent of its outstanding liabilities, and continue to make cash payments on the remainder.


http://gulfnews.com/business/proper...reclaim-funds-from-indian-contractor-1.742627


----------



## unknownpleasures

Don't think this was posted anywhere here previously...just found it! It's not that long ago October 2010!

*No man is an island*





> Nakheel CEO Chris O’Donnell hasn’t given an interview for over two years — so why now?
> 
> By Shane McGinley
> 
> * Sunday, 24 October 2010 12:00 AM
> 
> Nakheel CEO Chris O’Donnell says his company was severely shaken by the financial crisis, but that progress and payments are now ready to be made. He hasn’t given an interview for over two years — so why now? What has changed at the developer regularly described as the “debt-laden real estate arm of state-owned conglomerate Dubai World”?
> 
> As the Dubai property bubble burst spectacularly in late 2008, a colourful rumour swept the city that senior officers at Nakheel HQ had been forced to hire burly bodyguards to protect their offices.
> 
> The story was usually accompanied by alleged eyewitness accounts of queues of creditors and contractors lined up outside the office, and people impatiently waiting for days to get a meeting. Each time the tale was told, the bodyguards got bigger and meaner and the angry mob queued for longer.
> 
> But rumours will always fill a vacuum. And after prices plummeted and cranes ground to a halt, a vacuum is exactly what was created as far as Nakheel investors were concerned. A lot of people wanted a lot of answers, but Nakheel went almost completely silent — refusing to talk to the media for more than two years.
> 
> Stories of the Palm Jumeirah sinking, layoffs of thousands of staff and halted projects came and went, but Nakheel stayed — aside from the odd terse press release — silent.
> 
> Fast forward nearly two years and the master developer’s chief executive — in the post since 2006 — is about to address a room of consultants and engineers, many of whom are owed millions by his company.
> 
> As he walks to the podium, it is difficult to know if Chris O’Donnell is nervous. His suit jacket is off (it doesn’t look bulletproof); he looks calm and composed. In fact, the room has none of the tense, high-noon atmosphere many had anticipated. There is not a bodyguard in sight.
> 
> “It has been a difficult two years,” O’Donnell deadpans. “It was November 2008 when everything, especially in the GCC, started to turn upside down. We are not Robinson Crusoe… Like the rest of the world markets, the Dubai property market was adversely affected. We have been in this malaise for the last couple of years.”
> 
> Dubai property prices were rocked in 2008 and then sank quickly — up to 50 percent — by the middle of 2009. They are now, in many places, believed to be back to the levels they were at the start of 2007. O’Donnell describes it as “the perfect storm.”
> 
> “The market impact on Nakheel was significant. We had a significant reduction in collections [and] increased customer defaults… There was a lack of credit, there was land values reducing for developers [and] there was oversupply coming… This environment made long-term planning very difficult.”
> 
> By November 2008, Nakheel had laid off 500 — or fifteen percent — of its staff and some of its billboard projects, such as the Palm Deira, Palm Jebel Ali and the Trump International Hotel and Tower on Palm Jumeirah, had been pushed back to the drawing board, or even the shredder.
> 
> “The immediate actions we took were cash conservation, liability mitigation, reduced headcount and reduced expenses,” he recalls. Having worked through the process, he is now in more upbeat mood about where the company stands.
> 
> “We are all old enough to understand business cycles. We are two years on from when things really started to go haywire [and] there are signs of things improving.
> 
> “We recognise that it is time to look a little bit forward and, in a cautious way, to start dipping the toe in the water.”


^^
Suffice to say this guy openly admitted knowing there were problems in Nov 2008...by November 2008 he claims he had laid 500 people off!!!...I'm sure I've read somewhere oh that's right there's a video on this also by Al Jazeera and it involves the Oasis Towers projects in DSC I believe...the report went into some detail and it informed about the island purchased by Dr Mostafa Elahy from Oasis Group Ventures called D43 (Huiainan) was made in Nov 2008 at the height of these problems existing and O'Donnell was fully aware about! So this now takes on a different twist...he knew problems existed and still sold???!.....amazing!

http://www.arabianbusiness.com/no-man-is-island-357551.html?tab=Article


----------



## Parisian Girl

Hindsight is a wonderful thing. 

Life is funny sometimes. Amazing how quickly things can change. Not even 3-4 years ago Nakheel could have told us they are going to build 20 palms and most people would have probably believed them. Almost anything and everything seemed possible back then. Well, that was the "vision" anyway. Now look at them! What a mess! Spectacular entrance and an even more spectacular downfall! To be honest, how many people _really_ saw that coming??

But, there is a great deal more yet to be played out concerning this whole Nakheel saga I feel. Will the Phoenix rise from the ashes yet??


----------



## Parisian Girl

*Nakheel abandon plans for 55 Auchan stores across the Gulf*









Auchan closed its hypermarket at the Dragon Mart in International City in Dubai at the end of last year after barely 12 months.

Amy Leang / The National 



> Armina Ligaya | Last Updated: Jan 8, 2011
> 
> The Dubai developer Nakheel has pulled out of a joint venture with the French hypermarket chain Auchan because of the economic climate, Auchan says.
> 
> Auchan closed its hypermarket in Nakheel's Dragon Mart at the end of last year after Nakheel said it did not want to proceed with their joint plans to open 55 stores across the Gulf over 10 years, said Leandre Boulez, a director of Auchan and one of the board members of Auchan Dubai.
> 
> "The first store opened and it grew progressively, but because of the economic situation Nakheel decided to review its position regarding the development of its own retail activity. And so they have decided not to continue with this franchise."
> 
> Nakheel was not available for comment.


http://www.thenational.ae/business/retail/nakheel-abandon-plans-for-55-auchan-stores-across-the-gulf


----------



## bizzybonita

so that is , What next ! OK


----------



## SA BOY

Parisian Girl said:


> Spectacular entrance and an even more spectacular downfall! To be honest, how many people _really_ saw that coming??
> QUOTE]
> 
> everyone in the industry
> 
> Nakheel was badly run and badly advised, too many non core activities, too many parasites feeding, too many chiefs and not enough indians (not literally), Too many egos and self serving intrests and far too much trust in them by Sheik Mo.
> 
> I bet he has learnt from this and you wont see the Bin Sulyms and Alabars being so outspoken and almost a waorld unto them selves in the future. Dubai will have learnt from this lesson like Singapore did in 97, they will cut theoir cloth to suit but I ultimatly belive Nakheel is a low end developer, cut corners too often, deliver a poor and inferior product and ultimatly are a company with a worthless reputation.
> 
> Emaar on teh other hand hasent been bad in the big scheme of things and should be the vehicle to take the Dubai property industy foward


----------



## Parisian Girl

^^ True, you can can't build a reputation on sand alone and spouting nothing but hot air while delivering shoddy and half baked goods! We've seen the proof of this often enough. Who is going to want to do business with Nakheel now with their rep in tatters?? Instead of simply knuckling down and finishing the main projects such as PJ, etc, they go and launch god knows how many more on top of all that knowing full well that they couldn't realistically deal with any of it. Talk about greed and utter incompetence! :nuts:

It would test even the most optimistic of us.


----------



## True Blue

Parisian Girl said:


> Spectacular entrance and an even more spectacular downfall! To be honest, how many people _really_ saw that coming??





SA BOY said:


> everyone in the industry
> 
> Nakheel was badly run and badly advised, too many non core activities, too many parasites feeding, too many chiefs and not enough indians (not literally), Too many egos and self serving intrests and far too much trust in them by Sheik Mo.
> 
> I bet he has learnt from this and you wont see the Bin Sulyms and Alabars being so outspoken and almost a world unto them selves in the future. Dubai will have learnt from this lesson like Singapore did in 97, they will cut their cloth to suit but I ultimatly believe Nakheel is a low end developer, cut corners too often, deliver a poor and inferior product and ultimately are a company with a worthless reputation.
> 
> Emaar on the other hand hasn't been bad in the big scheme of things and should be the vehicle to take the Dubai property industy foward


I agree with you. Emaar in my opinion, have weathered the storm and some of their developments represent good quality and value. Emaar Malls business is well established now. Nakheel have failed spectacularly and are guilty of not establishing a regime of quality management or cost controls. The palm islands were the envy of the world a few years back. Only one has been almost finished, the other 2 are not worth mentioning and The World is another questionable project. Given what we now know, why were they pursuing even more follies like The Universe and Waterfront. The money wasted on pursuing these pipe dreams has brought them down.

In my opinion, the Nakheel brand will dissapear entirely over the coming years and a new brand will be created to try and pick up the pieces.


----------



## SA BOY

agree and belive that sama dubai, DP and Nakheel will be broken up and core activities revisited with real estate development its only activilty. Asset amanagement of its properties should go to an assett management company. They will be rebuilt into a new company.

Old saying do what you do best and if you develop real estate than do that and no buying airlines etc


----------



## unknownpleasures

SA BOY said:


> Parisian Girl said:
> 
> 
> 
> Spectacular entrance and an even more spectacular downfall! To be honest, how many people _really_ saw that coming??
> QUOTE]
> 
> everyone in the industry
> 
> Nakheel was badly run and badly advised, too many non core activities, too many parasites feeding, too many chiefs and not enough indians (not literally), Too many egos and self serving intrests and far too much trust in them by Sheik Mo.
> 
> I bet he has learnt from this and you wont see the Bin Sulyms and Alabars being so outspoken and almost a waorld unto them selves in the future. Dubai will have learnt from this lesson like Singapore did in 97, they will cut theoir cloth to suit but I ultimatly belive Nakheel is a low end developer, cut corners too often, deliver a poor and inferior product and ultimatly are a company with a worthless reputation.
> 
> 
> 
> ^^^^^^
> Agree....thanks for your honesty. Unfortunately for many not every buyer was in the industry.
> 
> If Nahkeel has gotten themselves into such a mess (interesting you refer to them as being a low end developer !!! They were the ants pants with the government - highly promoted as being the largest and best). I wonder what does it tell the buyers who purchased off plans from other developers who like Nahkeel (apart from being hand in hand with the govt) were also registered through RERA?!
> 
> Many projects (like the Palm, the world and others) will never be completed. Yet Nahkeel kept on launching...As for the finish...anyone can just imagine what that will be like considering the years it already has been...contractors have come and gone and if and when any will be in the distant future poor finish will be blamed on that someone else who came before them!...yeah some really good times ahead!
> 
> One this is very sure Nahkeel is a very lame duck - made too many promises and failed to deliver! This is further testimony to an unregulated real estate market! Needs fixing quick!
Click to expand...


----------



## SA BOY

do you really think RERA will take on Emaar, Nakheel and DP?

As for a low end developer, what I mean is their product is not well designed, built or maintained. This may be a mid range mall like Ibn batuta , low level projects like International city or high end like palm or JI. All suffer from a combination of the above and JI quality is shocking fo those prices and the maintenece is non existant (where do the levies go ?).

Bottom line is they are a preperty development arm of a harbour operator... enough said.

being the biggest is never the best. As I said before Emaar has constantly deliveed a quality product (used best designers ), never skimped on quality of a finnished product (although spings could have been done better), and they are generally well maintanined. They are the cream and cream always rises to the top of the milk.

DP is somewhere inbetween but I fear thay are slidding, JBR is not bad but its not great eaither and their failure to deliver (beach clubs, guys in the complex etc) lets them down.
Meraas is the shining light as their stuff is great, not to extravegent, developing to market needs and possibly cutting their cloth acordingly. those properies by safa park are awesome


----------



## unknownpleasures

*Bollywood's Shah Rukh Khan in tax probe over Dubai villa*

By Joanne Bladd

* Monday, 10 January 2011 11:30 AM




> Bollywood actor Shah Rukh Khan is at the heart of a potentially embarrassing tax probe in India over a $3.93m luxury villa located on Dubai’s The Palm island.
> 
> Questions have been raised by tax authorities over whether the villa was given in payment to Khan, a claim he has denied, in return for plugging Nakheel’s offshore Palm project in 2007.
> 
> Khan failed to declare the villa on his tax return in April 2009, claiming it was gifted to him by Nakheel, the developer behind the multibillion-dollar real estate project, The Times of India said.
> 
> His claim was contested by the Income Tax department, who said the luxury property was payment in kind for Nakheel using Khan’s name and likeness on its website and other media.


source: more here: http://www.arabianbusiness.com/bollywood-s-shah-rukh-khan-in-tax-probe-over-dubai-villa-372560.html


----------



## Parisian Girl

*Khan's Palm pad*

_Owned by Bollywood icon Shah Rukh Khan, Villa K-93 was allegedly given to the actor by developers Nakheel in 2007_

By Mazhar Farooqui and Muby Asger, Deputy Editor and Staff Reporter | Published: 00:00 January 13, 2011
















King Khan’s majestic villa as seen from the front. Khan’s backyard leading to a private beach. 
















At first glance, Khan’s 7,000 square foot whitewashed villa is palatial, yet rustic and rural with tiled rooftops. Owned by Bollywood icon Shah Rukh Khan, Villa K-93 was 
llegedly given to the actor by developers Nakheel in 2007. Image Credit: Pankaj Sharma/XPRESS



> Dubai: At the far end of the Al Khasab Cove on the K Frond of the Palm Jumeirah stands the villa which is at the centre of a tax evasion controversy.
> 
> Owned by Bollywood icon Shah Rukh Khan, Villa K-93 was allegedly given to the actor by developers Nakheel in 2007. Four years later, Khan is embroiled in a dispute with Indian tax authorities for not declaring the house as taxable property.











An undated picture of Shahrukh Khan at a Nakheel sales centre. Image Credit: Nakheel's website

http://gulfnews.com/news/gulf/uae/khan-s-palm-pad-1.745572





Lovely! Now Nakheel haven't got a pot to p**s in!! :bash:

Well, if they're giving away Signature Villas for free can I have one too?? :dunno:


----------



## unknownpleasures

*Dubai overall debt at least $129.3bn, Credit Suisse says*


* Friday, 14 January 2011 8:24 AM




> DEBT WOES: Dubai and its state owned companies have $17.5bn of debt falling due this year, $17bn in 2012, $9.7bn in 2013 and $26bn in 2014
> 
> Dubai and its state owned companies carry at least $129.3bn of debt, of which $50.2bn is owed by Dubai World, the company that completed a loan restructuring in September, Credit Suisse Group said.
> 
> The second largest debt, $28.9bn, is owed by the government itself, the bank said in a research report emailed on Thursday. Investment Corporation of Dubai and Dubai Holding, two other holding companies, as well as other government related firms, account for the remaining $50.2bn, it said.
> 
> The number “comprises publicly disclosed debt of $111.1bn and debt on which disclosure is limited,” London-based analysts Mohamad Hawa and Anton Rozanov said in the research report. “The debt burden could be much higher than our final numbers owing to the lack of full disclosure.”
> 
> Dubai, the second biggest of the seven states in the UAE, had to seek a bailout from neighbouring Abu Dhabi after the global financial crisis pushed property prices down by more than half, and frozen credit markets forced some state owned companies to delay loan payments. Dubai World agreed with creditors in October to restructure $24.9bn of debt.
> 
> The emirate and its state owned companies have $17.5bn of debt falling due this year, $17bn in 2012, $9.7bn in 2013 and $26bn in 2014, according to the report. Another $12.8bn matures in 2015.




source: http://www.arabianbusiness.com/dubai...ml?tab=Article


----------



## Parisian Girl

*Tribunal rejects contempt case against Nakheel*



> Staff Report | Published: 17:46 January 20, 2011
> 
> Dubai: An application by Paramount International Trading, Diamond Developers and Fares AbuBaker has been dismissed by the Special Tribunal relating to Dubai World, developer Nakheel said in a statement.
> 
> The application asked for an urgent hearing to deal with an allegation of contempt of court by Nakheel on the basis that it had not complied with a previous court order following a hearing in December 2010.
> 
> It was alleged that Nakheel had continued to charge interest on delayed payments relating to certain Nakheel developments notwithstanding that a settlement agreement had been entered into between the parties. The tribunal dismissed the application on the grounds that issues relating to interest payments had not been decided at the previous hearing.
> 
> A Nakheel spokesperson said that previous press reports about this case based on information from the claimants "were not accurate as they had suggested that the tribunal decided interest payments were not payable on outstanding sums due”.
> 
> “Thursday’s decision shows the inaccuracy of those previous press reports because the tribunal has confirmed that such issues were never dealt with in the previous hearing," the spokesperson said.
> 
> Any application to prevent Nakheel from charging contractually agreed interest on outstanding payments would be strongly contested, the spokesperson added.


http://gulfnews.com/business/construction/tribunal-rejects-contempt-case-against-nakheel-1.749626


----------



## Parisian Girl

*Nakheel arm successfully fights bid for injunction*



> Penguin Marine, which had entered into a contract with The World to assist in the transport of logistics to the islands
> 
> Staff Report | Published: 00:00 January 22, 2011 | Gulf News
> 
> Dubai: The World, a wholly owned subsidiary of developer Nakheel, has successfully defended an application before the Special Tribunal Related to Dubai World to restrain the calling of two performance bonds.
> 
> Penguin Marine, which had entered into a contract with The World to assist in the transport of logistics to the islands comprising the World development, applied for an injunction to restrain the calling of two bonds.
> 
> The tribunal rejected the application and awarded the costs of the application to The World. This leaves The World free to call on the bonds which it successfully argued should be called to cover liabilities in excess of Dh12 million owed by Penguin Marine, Nakheel said in a statement.


http://gulfnews.com/business/proper...ccessfully-fights-bid-for-injunction-1.750174


----------



## Parisian Girl

*The World is not sinking, says Nakheel*



> Chairman Lootah says the project is not in coma and all its contractual obligations are fulfilled
> 
> By Parag Deulgaonkar | Published Wednesday, January 26, 2011
> 
> Nakheel, the developer of The World, claimed on Wednesday that the project was not in “coma“ and the islands were not sinking.
> 
> Ali Mansour, Director Projects, Marine and Civil Works, in a detailed presentation, said that there would certainly be “slight” erosion of the beaches due to tidal waves but the islands were well protected from waves and currents by an oval frame or breakwater.
> 
> The breakwater, which is segmented into six portions, has a total perimeter of 26 kilometres, which significantly reduces any impact from waves or current. The breakwater was completed in December 2007 and 30 million tonnes of rock were used to construct it.
> 
> “When you have waves, you have erosion. You have currents, you have some erosion. But when you don’t have both and just tidal movement, you have minimum or controlled erosion which can be compensated at a later stage with the reshaping of the islands.”
> 
> Nakheel CEO Chris O'Donnell said: “These islands are within the protected basin so the impact of the wave movements and the currents are significantly reduced. Yes, there will be ongoing maintenance that will be required for the beaches and that’s the case anywhere around the world.”
> 
> *“Not in Coma”*
> 
> Asked if the islands were in “coma”, Chairman Ali Rashid Lootah said: “The project is not in coma. We have delivered as per our promise and it is up to the developers now to commence their projects.”
> He added that Nakheel was working with some developers and trying to help those serious about launching projects.
> 
> Earlier this month, Richard Wilmot-Smith QC of London, acting on behalf of Penguin Marine, which has an exclusive contract for all transport of construction materials and staff to and from the islands, told the Dubai World Tribunal that “the islands were gradually falling back into the sea.”
> 
> However, Nakheel attorney Graham Lovett of Clifford Chance said the project had not been cancelled, but was slowed by the global financial crisis.
> 
> “The World was in a ‘coma‘ but would be revived as market conditions picked up,” he told the tribunal.


http://www.emirates247.com/property...-not-sinking-says-nakheel-2011-01-26-1.347397


LOL!


----------



## Parisian Girl

*No need for more support: Nakheel*



> Chairman Lootah says may not use entire proceeds from $8bn support fund
> 
> By Parag Deulgaonkar | Published Wednesday, January 26, 2011
> 
> Nakheel, the master developer of the Palm Trilogy and The World, said on Wednesday it will not need any further cash support from the Dubai government and may eventually not use the entire proceeds from the $8 billion Dubai Financial Support Fund (DFSF).
> 
> “We will not be needing any additional funding… We have our own cash… a number of fixed deposits. We are also trying not to use the entire support fund,” Nakheel Chairman Ali Rashid Lootah said.
> 
> In March 2010, Nakheel said it will receive $8 billion in cash from the Dubai government, taking the total support to $9.2 billion, and enabling the company to repay contactors and complete projects.
> 
> Lootah said the company had already repaid its $750 million sukuk, which matured on January 16, and is on track to issue a $1.63 billion sukuk in the first quarter. The company also expects to complete its agreement with creditors “soon”.
> 
> “We are in process of negotiations with our creditors. We are about to sign a major contractor soon. Officially, we reached 91 per cent overall agreement. Within two weeks, I hope to finish all agreements with creditors.”
> 
> Two developers have physically commenced work on their respective islands while work on two more developments were in the pipeline, Lootah added.
> 
> The World development will cover approximately 931 hectares and add an additional 232km of beach front to Dubai's coastline. There will be 300 islands reclaimed from the sea in the shape of the world map.
> 
> Seventy per cent of the islands have been sold and the rest is kept by Nakheel. The islands range in price from $20 million (Dh73.4m) to $50 million.


http://www.emirates247.com/business...-for-more-support-nakheel-2011-01-26-1.347356


----------



## Parisian Girl

*No islands repossessed on The World: Nakheel*

_*Contracts define whether an investor can resell the island, says company chairman*_

By Parag Deulgaonkar | Published Thursday, January 27, 2011 









The company has already sold 70 per cent of the 300 islands, while remaining are still with Nakheel. (AFP)



> Nakheel has not repossessed a single island in The World project, company chairman has revealed.
> 
> “We sold the people a piece of land in the sea, well protected… we have no more commitment except that. They [investors] have to complete their payments,” Chairman Ali Rashid Lootah told *Emirates 24/7*.
> 
> The company has already sold 70 per cent of the 300 islands, while remaining are still with Nakheel. It is not known how many investors have failed to meet their financial obligations and have defaulted.
> 
> Lootah admitted there was a timeframe for developers to start their projects, only two projects are currently underway on The World.
> 
> A number of developers did announce massive development plans in the past, but till date have not commenced their projects. Nakheel has even offered certain investors in The World project to move over to projects such as the Palm Jumeirah or Jumeirah Village.
> 
> Although Nakheel does not allow flipping of the islands, Lootah said the sale contracts define whether the islands can be resold or not.
> 
> Last year, *Emirates 24/7* reported that some investors were selling the islands in the secondary market. The 460,000 square feet Island of Italy was on sale for Dh80 million, while a 20,000 square metre island was offered for Dh42m.
> 
> The master developer also ruled out plans to lower prices of the remaining islands, with Lootah asserting that prices had already shot up.
> 
> The World islands were sold by invitation only. The islands are priced in the range of $20 million (Dh73.4m) to $50m.


http://www.emirates247.com/news/emi...ssed-on-the-world-nakheel-2011-01-27-1.347651


----------



## Parisian Girl

*Nakheel saga: firm seeks British consultants*



> 28 January 2011 | By Hansom
> 
> Despite its debts, Nakheel has been seeking British consultants for a new development in Dubai
> 
> Debt-laden developer Nakheel is planning a new development in Dubai and has looked for British consultants to carry out work, Building can reveal.
> 
> A waterfront development has been planned in addition to the eight stalled projects Nakheel announced it was restarting in September last year, including buildings on the Palm Jumeirah.
> 
> It is understood that Nakheel, which owes UK consultants about £250m in fees, approached at least one British engineer in December to work on a new “small waterfront development in Dubai”.
> 
> A source said: “It wasn’t one of the projects they were restarting.
> 
> “They wanted it done urgently and very quickly - for the engineering to start by the end of the week, and be finished in five weeks.”
> 
> The exact name and value of the development are not known.
> 
> In September it restarted $7-8bn of work that had stalled as a consequence of the Dubai debt crisis in November 2009.


http://www.building.co.uk/news/brea...irm-seeks-british-consultants/5012264.article


----------



## Parisian Girl

*Nakheel invites bids for Jumeirah Village Circle*

_*Company is seeking execution, completion and remedy of any defects of townhouses in District 12*_

By Staff | Published Tuesday, February 01, 2011 












> Dubai-based Nakheel has invited bids for completion of villas and townhouses in Jumeirah Village Circle.
> 
> According to the invitation to tender, the company is seeking execution and completion and remedy any defects of townhouses in district 12 with related electro-mechanical works, fences and ancillary work. There are 25 one-bedroom and 67 two-bedroom townhouses in district 12.
> 
> Jumeirah Village a self-contained community of over 6,000 villas and townhouses. The development comprises a series of villages linked to one another by open landscaped areas and canals. Jumeirah Village offers 2,883 two to four bedroom villas with balconies and 3,184 one or two bedroom townhouses.
> 
> Jumeirah Park, Jumeirah Village, Jumeirah Islands Mansions, Jumeirah Heights Clusters and Al Badrah are projects, which are on Nakheel’s priority list.
> 
> In December 2010, work commenced on Al Furjan and Jumeirah Golf Estates.


http://www.emirates247.com/property...r-jumeirah-village-circle-2011-02-01-1.350079


----------



## Parisian Girl

*Nakheel helping home buyers through property swaps*



> Bradley Hope | Last Updated: Feb 3, 2011
> 
> Nakheel is well on its way to dealing with the company's final group of creditors - home buyers.
> 
> About Dh4 billion (US$1.08bn) worth of homes, or almost half of the company's long-term liabilities to buyers, have been swapped for other properties closer to completion in Nakheel's portfolio, said Ali Rashid Lootah, the chairman of the company.


http://www.thenational.ae/featured-...el-helping-home-buyers-through-property-swaps


----------



## Parisian Girl

*'Drastic' cut in charges for services*



> Bradley Hope | Last Updated: Feb 3, 2011
> 
> Nakheel is planning to announce a "drastic reduction" in service charges for residents living in the company's communities as it tries to improve its operations and focus on the quality of its developments.
> 
> Ali Rashid Lootah, the chairman of Nakheel, said yesterday his employees were negotiating with service providers to lower the price. The new fees would be unveiled within months.


http://www.thenational.ae/business/property/drastic-cut-in-charges-for-services


----------



## Parisian Girl

*Nakheel cancels Trump project on Palm*

Bradley Hope | Last Updated: Feb 3, 2011









Ali Rashid Ahmed Lootah, chairman, Nakheel, speaking to a National reporter at his offices in Dubai. Randi Sokoloff for The National.



> Nakheel has cancelled plans to build the Trump International Hotel & Tower on the trunk of the Palm Jumeirah in Dubai.
> 
> It now seeks to build a shopping centre there instead as it moves away from the huge, eye-catching projects of the property boom years.
> 
> Ali Rashid Lootah, who became the chairman of Nakheel last March as part of its restructuring, said the developer was planning to build a mall on the strategic spot of Nakheel's best-performing project.


http://www.thenational.ae/business/property/nakheel-cancels-trump-project-on-palm


----------



## Blizzy

/del


----------



## Parisian Girl

*No change to Nakheel sukuk rate*



> By Staff | Published Wednesday, May 25, 2011
> 
> Nakheel properties has no plans to change a 10 per cent profit rate on its Dh4.8 billion sukuk (Islamic bonds) which it intends to issue towards the end of June, a newspaper said on Wednesday.
> 
> The Arabic language daily Al Khaleej quoted an unnamed responsible source in Nakheel as saying market reports about an imminent change in the profit rate were incorrect.


http://www.emirates247.com/business/no-change-to-nakheel-sukuk-rate-2011-05-25-1.397233


----------



## Parisian Girl

*Nakheel scores Tribunal win against Penguin Marine*



> Asa Fitch | May 30, 2011
> 
> Nakheel has scored a victory in the Dubai World Tribunal on a ruling that a subsidiary developing the man-made World islands can ask for licensing fees from a company providing services for the project.
> 
> The Tribunal, which is overseeing claims against companies owned by Dubai World as part of the conglomerate's restructuring, last week dismissed a case brought by Penguin Marine Boat Services against The World.
> 
> Penguin had alleged that by not going forward with the project, the Nakheel subsidiary had breached a contract signed in 2008 under which Penguin was to build a port and handle delivery of construction materials and labour to projects on the islands.
> 
> Its case was a response to an earlier demand by The World for Penguin to repay Dh1.86 million (US$506,384) of advance payments plus licensing fees of Dh5m per year for two years and seven months of operations, for a total of Dh14.8m. Penguin had taken out bank guarantees and performance bonds to cover its obligations, which The World had indicated it might cash.
> 
> The Tribunal, however, agreed with The World's contention that the project had not been shelved, clearing the way for it to demand payment.


http://www.thenational.ae/business/property/nakheel-scores-tribunal-win-against-penguin-marine


----------



## Dubaiiscool:)

*Special Tribunal Related to Dubai World opens public consultation for new rules*

5 June 2011


*Proposed rule amendments in line with evolving case requirements 
New rules available on Tribunal website for one month period starting June 5
Public consultation underpins commitment to transparency and independence* 

*I*n line with its commitment to transparency and judicial independence, the Special Tribunal for Dubai World has proposed to amend the Rules that it currently applies, by way of public consultation. These amendments, which are based on judicial and Tribunal users' experience and case requirements, will be made available for a one month period starting June 5 on the Tribunal's website. 

The Special Tribunal Related to Dubai World was established on December 13, 2009, by Decree no. 57 of 2009 (subsequently amended by Decree 11 of 2010). The Decree provides that "the rules applied by the Tribunal shall be the Rules of the DIFC Court as may be amended by the Tribunal." Following public consultation, amendments will be made to the Rules of the DIFC Courts, which shall then be referred to as the "Special Tribunal Rules." Any such amendments will not, however, affect or adjust the rules currently applied by the DIFC Courts. 

"The purpose of the proposed amendments is further to enhance the efficiency and accessibility of the Special Tribunal Related to Dubai World," said Sir Anthony Evans, Chairman of The Special Tribunal Related to Dubai World. "Since its inception, the Tribunal has heard various cases pertaining to Dubai World and remained committed to delivering swift and fair justice. Based on its case experience in this period, the Tribunal has proposed to adapt certain areas of the DIFC Courts' rules first applied, to better fit and strengthen the Tribunal's evolving requirements."

So as to ensure the proposed amendments are in line with users' needs, they have been made available for general public to review and provide feedback on. The new rules can be accessed at www.dubaiworldtribunal.ae.

http://www.zawya.com/story.cfm/sidZAWYA20110605094032


----------



## Parisian Girl

*Chris O'Donnell leaves Nakheel*

_*CEO's contract ends; Manchanda to be acting CEO*_

By Staff | Published Wednesday, June 08, 2011









Chris O'Donnell (File)



> Nakheel on Wednesday announced the departure of its Chief Executive Officer Chris O’Donnell after completing his contract terms.
> 
> Sanjay Manchanda will be replacing O’Donnell as acting CEO until further notice.
> 
> "Chris has decided to leave Nakheel following five years spent with the company. Mr. Manchanda is currently the Chief Finance Officer of the company. The Board of Directors of Nakheel wish Mr. O’Donnell all the best in his new endeavours," said a Nakheel statement.
> 
> O’Donnell has over 30 years’ experience in the property industry. Before joining Nakheel in June 2006, he spent five years as managing director of the Investa Property Group in Australia where, under his leadership, the Australian Stock Exchange listed company increased its funds under management from A$800 million (Dh2.7bn) to A$6.2 billion.
> 
> A number of transactions were conducted during this period including a hostile takeover of Principal Office Fund (A$1.9bn) in 2003 and the acquisition of one of the largest residential property companies in Australia, Clarendon Property Group Pty Limited (A$645m) in 2005.
> 
> O’Donnell has also held other senior executive positions with prominent Australian organisations including Lend Lease, Leighton and Westpac Banking Corporation.


http://www.emirates247.com/business/corporate/chris-o-donnell-leaves-nakheel-2011-06-08-1.401814


----------



## Parisian Girl

*Nakheel gets over 98% OK to restructure*



> By Reuters | Published Friday, June 10, 2011
> 
> Real estate developer Nakheel said on Thursday it had secured over 98 per cent, or near unanimous, approval for its $10.9 billion debt restructuring plan from banks.
> 
> "The company expects to secure confirmation from the remaining banks over the next few days, following which Nakheel will proceed to the completion phase of the restructuring, which will include a subsequent issuance of a sukuk (Islamic bond) to the company's trade creditors," the firm said in a statement.
> 
> Under Nakheel's restructuring proposal, trade creditors would receive repayment through 40 per cent cash and 60 per cent in the form of a $1.63 billion Islamic bond, expected by the end of the first half.
> 
> The firm said in March that 91 per cent of its trade creditors had given the deal a stamp of approval, but it needed to reach a 95 per cent "restructuring threshold" to push the proposal through among trade creditors.


http://www.emirates247.com/property...over-98-ok-to-restructure-2011-06-10-1.402031


----------



## Parisian Girl

*Nakheel nets funding for Jumeirah Golf Estates*

By Shane McGinley | Monday, 13 June 2011 5:11 PM









Jumeirah Golf Estates saw work suspended on two of its four golf courses in 2009



> Nakheel, the indebted real estate arm of state-owned Dubai World, will receive funds from Dubai to complete the delayed Jumeirah Golf Estates project, the company said Monday.
> 
> “The government of Dubai has committed to providing significant financial support to Jumeirah Golf Estates… our contractors have recommenced work at the development,” the company said in an emailed statement.
> 
> Jumeirah Golf Estates, home to the Dubai World Championship, saw work suspended on two of its four golf courses in 2009 following difficulties over contractor payments.
> 
> The 306-home real estate development was launched by Dubai World subsidiary LeisureCorp and is scheduled for completion in 2012.
> 
> Leisurecorp’s activities were merged with those of Nakheel in June last year.
> 
> Nakheel said Friday it had won near-unanimous approval from financing banks for its plan to restructure $10.9bn in debt.
> 
> Company CEO Chris O'Donnell left Nakheel last week “after completing his contract terms,” the developer said.
> 
> Nakheel was one of the biggest casualties of Dubai’s real estate downturn, which saw prices halve from their 2008-peak and almost half of developments in the emirate cancelled.
> 
> The developer's inability to meet its debt obligations, in the wake of a property collapse and the global credit crunch, helped trigger Dubai's debt crisis in 2009.


http://www.arabianbusiness.com/nakheel-nets-funding-for-jumeirah-golf-estates-404998.html


----------



## ezzahi

*http://jumeirah-island-club.blogspot.com*

the new promotions in JIC house
http://jumeirah-island-club.blogspot.com/


----------



## xingu

Parisian Girl said:


> By Shane McGinley | Monday, 13 June 2011 5:11 PM
> 
> 
> 
> 
> 
> 
> 
> 
> 
> Jumeirah Golf Estates saw work suspended on two of its four golf courses in 2009
> 
> 
> 
> http://www.arabianbusiness.com/nakheel-nets-funding-for-jumeirah-golf-estates-404998.html


This round of funding will not get the other courses built, the project will still be far from 'complete'

Might be able to get the clubhouse done and commence work on the houses, my guess is that the stuff round 17th and 18th hole on Earth will still look embarrasingly incomplete by the time the DWC comes round at the end of the year


----------



## Face81

*Work resumes on Dubai Jumeirah Golf Estates property development*

Rebecca Bundhun 

Jun 14, 2011 

Work has restarted on the unfinished Jumeirah Golf Estates property development, home to the final leg of the Race to Dubai golf tournament.

The residential luxury project, said to be nine times the size of Hyde Park in London, was designed to have golf courses named after the four elements - earth, water, wind and fire - but only two have opened.

Some owners have protested they have been unable to move into their multimillion-dirham villas because the infrastructure, including water and electricity, is not ready. Other villas have yet to be completed.

"The Government of Dubai has committed to providing significant financial support to Jumeirah Golf Estates," Nakheel, the developer, said yesterday. "In turn, we are committed to managing and delivering this key project for Dubai. Our contractors have recommenced work at the development. We are liaising with all Jumeirah Golf Estates customers in relation to the project's progress."

Nakheel said it had been appointed by the Dubai Government "to manage and deliver the Jumeirah Golf Estates project, with over 306 homes scheduled for completion in 2012".

It was announced last year that Nakheel would receive US$8 billion (Dh29.38bn) to finish near-term projects under a restructuring proposal presented in March by Dubai World, its parent company.

"It's certainly positive news that there's a strong commitment to get it going," said Matthew Green, the head of research and consultancy at CB Richard Ellis in Dubai.

"It was always going to be a development which would be in the spotlight," added Mr Green. "I think it's important certainly from the government standpoint that they should get this moving again and for the next tournament hopefully we're going to start to see some more completed properties there."

The Earth golf course, designed by former champion golfer Greg Norman, opened late 2009 at the Jumeirah Golf Estates, while the Fire course, also designed by the Australian, opened at the beginning of last year.

Golf courses are widely considered to be amenities that increase the prices of surrounding property.

A number of golf projects were launched by developers in Dubai before the downturn in the property market, including the Tiger Woods Dubai, which was planned to be surrounded by 22 palaces and 75 mansions. To date just a few of the holes have been shaped and grassed, and the future of the development remains uncertain. The planned 510-hectare Golf City development slated to be part of Dubailand was to have five courses and hundreds of villas.

Nakheel's projects include Jumeirah Village, Jumeirah Park, Jumeirah Heights Clusters, The World archipelago, Palm Jebel Ali and Palm Deira.

Mr Green said there was a strong likelihood there would be more such announcements of resumption of work on some of Nakheel's unfinished projects in the coming months.

http://www.thenational.ae/business/...ai-jumeirah-golf-estates-property-development


----------



## Parisian Girl

xingu said:


> This round of funding will not get the other courses built, the project will still be far from 'complete'
> 
> Might be able to get the clubhouse done and commence work on the houses, my guess is that the stuff round 17th and 18th hole on Earth will still look embarrasingly incomplete by the time the DWC comes round at the end of the year


Yep, just enough to keep people at arms length I guess. This is how it is nowadays. 

Still, I'd rather have something happening than nothing at all.


----------



## Parisian Girl

*Can’t pay bills if no funds: Nakheel*



> By Parag Deulgaonkar | Published Tuesday, June 14, 2011
> 
> Dubai-based master developer Nakheel has said it will not be able to pay utility and service providers if there are no funds in building accounts of Discovery Gardens, resulting in service disruption.
> 
> “As the letter is self explanatory that to continue the services and pay the utility provider, we need sufficient fund to keep the building up and running. If there is no fund in the building account we will not be able to pay the utility charges & service provider which may result in disruption. Service disruption will depend on the service providers,” a Nakheel spokesperson told Emirates 24|7.
> 
> Asked about the total outstanding from Discover Gardens owners, she said: “ The outstanding amount varied building by building as each building had a different rate of service charges. Each building has a different cost of operation so the utility and service provider’s charges differ building by building.”
> 
> On Sunday, this website reported that Nakheel had warned property owners in Discovery Gardens to pay their outstanding building service charges within 15 days, or else face disruption of utilities and services.
> 
> In a notice put across some of the buildings in Discovery Gardens, the master developer said due to accumulation of building service charges, payment has not been made to utilities and services for certain billing period(s), which may result in disruption of services as well as services provided by third party suppliers with no fault of Discovery Gardens Co.
> 
> The notice said owners are requested to pay the outstanding building service charges within 15 days from the date of the letter (June 9) and without further delay in order to avoid disruption of the above mentioned services.
> 
> On March 5, this website had reported that Nakheel was contemplating taking legal action against property owners who were not paying service charges.
> 
> Rajiv G, in his comment on this website, said he believed service charges and the chiller fees charged by Nakheel for Discovery Gardens was not in-sync with the services and amenities provided.
> 
> “I believe this is one major reason why owners dispute on paying these charges. Nakheel should revise their charges and be transparent about it,” he added.


http://www.emirates247.com/property/can-t-pay-bills-if-no-funds-nakheel-2011-06-14-1.402635


----------



## xingu

Parisian Girl said:


> Yep, just enough to keep people at arms length I guess. This is how it is nowadays.
> 
> Still, I'd rather have something happening than nothing at all.


Agreed, if they can get the houses done, infrastructure in and them a good level of occupancy it will transform the project.

Anyone who believes they are going to finish the project however probably also believes that the police/RTA will achieve their goal of zero deaths on the road by 2020 :lol:


----------



## Parisian Girl

xingu said:


> Agreed, if they can get the houses done, infrastructure in and them a good level of occupancy it will transform the project.
> 
> Anyone who believes they are going to finish the project however probably also believes that the police/RTA will achieve their goal of zero deaths on the road by 2020 :lol:


Well good luck!! :lol:


----------



## ezzahi

http://jumeirah-island-club.blogspot.com


----------



## Parisian Girl

*Nakheel repays Dh5 billion to its trade creditors*

_*Master developer has already secured over 98% approval for its restructuring plan*_

By Parag Deulgaonkar | Published Sunday, June 19, 2011












> Nakheel said today it has paid Dh5 billion to its trade creditors after having secured 98 per cent approval for its $10.9 billion debt restructuring plan earlier this month.
> 
> “We are pleased to announce that Nakheel has to date made payments of Dh5 billion to its trade creditors," the company said in an emailed statement.
> 
> It added that today’s announcement marks a significant progress in its recapitalisation plan following on from the initial payments to trade creditors of Dh500,000 or less, which commenced in March 2010.
> 
> In March, the company had paid Dh4.6 billion to the trade creditors.
> 
> Earlier this month, Nakheel said it had secured over 98 per cent, or near unanimous, approval for its restructuring plan. It had aimed to reached the threshold limit of 95 per cent before end of 2010.
> 
> Under the restructuring proposal, trade creditors would receive repayment through 40 per cent cash and 60 per cent in the form of a $1.63 billion Islamic bond, expected by the end of the first half.
> 
> This website reported earlier that Nakheel will separate from Dubai World, its parent company, and become a government-owned entity after June
> 
> "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 had said.


http://www.emirates247.com/business...on-to-its-trade-creditors-2011-06-19-1.403503


----------



## Parisian Girl

*Nakheel reviews plan for mall on Palm Jumeirah*



> By Parag Deulgaonkar | Published Monday, June 20, 2011
> 
> Dubai-based master developer Nakheel has not given up the idea of building the Palm Mall, Palm Jumeirah, and the project has not been cancelled, Emirates 24/7 can reveal.


http://www.emirates247.com/property...for-mall-on-palm-jumeirah-2011-06-20-1.403666


----------



## Parisian Girl

*Nakheel to end restructuring 'soon'*



> By Parag Deulgaonkar | Published Tuesday, June 21, 2011
> 
> Nakheel said today it will complete it debt restructuring process “soon” and has achieved the threshold of trade creditors eligible for receiving the sukuk.
> 
> “Nakheel has achieved the agreed threshold for the trade creditors that are eligible for receiving the sukuk. This is a significant milestone achieved by Nakheel in its restructuring,” the company said in a statement.
> 
> “Nakheel is making good progress on the restructuring process with the aim to completing the restructuring soon,” it added.


http://www.emirates247.com/business...to-end-restructuring-soon-2011-06-21-1.403958


----------



## bizzybonita

Great


----------



## Parisian Girl

*Former Nakheel CEO sues company for breach of contract*



> By Reuters | Published Thursday, June 23, 2011
> 
> Dubai-based property developer Nakheel’s former chief executive has sued the company for breach of contract, a filing with the Dubai World Special Tribunal showed on Thursday.
> 
> Chris O’Donnell, who left his post after a five-year contract earlier this month, filed the lawsuit with the tribunal on Wednesday. No claim value was provided in the initial case heading.
> 
> A Nakheel spokeswoman said the company does not comment on legal proceedings and O'Donnell and his attorney were not immediately available for comment.
> 
> A spokeswoman from the special tribunal, which was set up to handle cases related to Dubai World’s debt restructuring, said further details of the claim will not be made public until Nakheel acknowledges that it has received service of the lawsuit.
> 
> Nakheel has been embroiled in a number of legal battles within the special tribunal in the last year as it struggles to complete its $10.9 billion restructuring.
> 
> As of June 12, 2011, there are two cases filed in the Dubai World Triubunal, against Kleindienst Properties and Asian Development, for a total sum of $243 million.
> 
> The Financial Times reported on Thursday that the developer has launched a series of claims against owners of islands on its World development, demanding hundreds of millions of dollars in alleged unpaid installments and delay fees, citing people familiar with the matter.
> 
> The cases were not filed with the special tribunal.
> 
> O'Donnell has been temporarily replaced by Nakheel's Chief Financial Officer Sanjay Manchanda as acting CEO.
> 
> Nakheel has secured over 98 per cent of support for its restructuring plan in which trade creditors would receive repayment through 40 per cent cash and 60 per cent in the form of a $1.63 billion Islamic bond.
> 
> The company has delayed issuing the bond to July from the end of June, sources close to the matter told Reuters.


http://www.emirates247.com/business...ny-for-breach-of-contract-2011-06-23-1.404315


----------



## Parisian Girl

*Creditors flooded with offers for Nakheel sukuk: NBC CEO*



> By Parag Deulgaonkar | Published Thursday, June 23, 2011
> 
> Nakheel trade creditors may be unwilling to sell the planned sukuk at a discount in the secondary market as they are being flooded with offers, industry sources claim.
> 
> Mohammed Qasim Al Ali, Chief Executive Officer, National Bonds Corporation, confirmed to Emirates 24/7 that they were in talks with a trade creditor to buy the planned sukuk, but haven’t been able to close the deal due to the “many offers” that the creditors is supposedly evaluating.
> 
> “We were talking to a trade creditor, who was willing to offer us 25 per cent discount. But the deal hasn’t been closed until now as he says ‘he has got many offers’,” Al Ali said while refusing to divulge further details of their proposal.
> 
> “For us, on an average, the yield on sukuk has been 8 per cent. We always look at buying sukuk and this Nakheel issue is a good one.”
> 
> On Tuesday, Nakheel said it will complete its debt restructuring process “soon” and has achieved the threshold of trade creditors eligible for receiving the sukuk.
> 
> The company has already secured more than 98 per cent approval for its $10.9 billion debt restructuring plan. Under the proposal, trade creditors would receive repayment through 40 per cent cash and 60 per cent in the form of a $1.63 billion Islamic bond, expected by the end of the first half.


http://www.emirates247.com/business...for-nakheel-sukuk-nbc-ceo-2011-06-23-1.404264


----------



## Tannhauser

*Are the World Islands merging or sinking?*

Does anybody have recent pictures of the word islands, I found this but it is from 2009.


----------



## Parisian Girl

*Nakheel settling claims 'expeditiously'*



> By Parag Deulgaonkar | Published Thursday, June 30, 2011
> 
> Nakheel is settling creditor claims “expeditiously” to enable creditors participate in its sukuk programme, the company has said.
> 
> “We settled some of the creditors claims, reaching amicable agreements with the creditors who are co-operating with us. We are taking all the necessary steps and actions to expeditiously settle creditor claims enabling these creditors to participate in the sukuk programme,” a company spokesperson said.
> 
> She added: “Nakheel is making good progress in completing its restructuring having reached the agreed threshold for its trade creditors and for having obtained agreements from almost 99 per cent financial institutions. We expect to obtain 100 per cent agreement from financial institutions shortly.”
> 
> The company earlier said it has paid Dh5 billion to its trade creditors after having secured 98 per cent approval for its $10.9 billion debt restructuring plan. It had aimed to reached the threshold limit of 95 per cent before end of 2010 and was looking to launch the sukuk by end of second quarter. But no details of the sukuk were mentioned.
> 
> Under the restructuring proposal, trade creditors would receive repayment through 40 per cent cash and 60 per cent in the form of a $1.63 billion Islamic bond, expected by the end of the first half.
> 
> This website reported that Nakheel will separate from Dubai World, its parent company, and become a government-owned entity after June.


http://www.emirates247.com/property/nakheel-settling-claims-expeditiously-2011-06-30-1.405260


----------



## suspiria

^^Parisian girl, mind me asking if you work as PR for nakheel and dubai World ?


----------



## Parisian Girl

^^ lol, no. Just an observer..


----------



## VCollaborator

*Dubai World board hires new executives to boost efficiency*



> *The appointments and the final documentation of the financial restructuring arrangements conclude the restructuring process begun early in 2010*
> 
> _Staff Report, Published: 16:05 July 6, 2011_
> 
> *D*ubai World said on Wednesday, it has promoted Andy Watson, CEO of Dubai World's investment arm Istithmar, as the company's Managing Director, and Junaid Rahimullah as Chief Financial Officer.
> Dubai World's Board, chaired by Sheikh Ahmed bin Saeed Al Maktoum, has appointed them to the team that oversees the day-to-day running of the Company. Rahimullah was formerly Director of Group Corporate Finance for Dubai World.
> *Dubai World's Board of Directors also said that agreements setting out the terms for the separation of real estate development companies Nakheel and Limitless operationally and financially from the Company had been signed.
> Legal ownership will transfer to the Government of Dubai upon completion of Nakheel and Limitless's financial restructuring.*
> The appointments and the final documentation of the financial restructuring arrangements, which was completed 29 June 2011, conclude the restructuring process begun early in 2010.
> Sheikh Ahmed bin Saeed Al Maktoum said: "With the appointment of two senior and experienced managers to the Management Committee, and with the restructuring process behind it, Dubai World and its portfolio of companies are well positioned to build on the very real value of its businesses and continue to grow to the benefit of the Company, Dubai and the UAE."
> Board member and Chairman of the Management Committee, Ahmed Humaid Al-Tayer, commented: "The Company is now on a solid financial footing and is focused on strengthening and increasing the value of its assets, which have seen steady overall improvement this year.
> "The formal completion of financial restructuring is a great achievement for Dubai World and UAE and we continue to be grateful for the support of the various stakeholders throughout the process."


http://gulfnews.com/business/genera...s-new-executives-to-boost-efficiency-1.834245


----------



## Parisian Girl

*Nakheel says it has 100% restructuring approval*



> By Bloomberg | Wednesday, 6 July 2011 6:39 PM
> 
> Nakheel, the builder of man-made islands off Dubai’s coast, said on Wednesday it got the approval of all its bank creditors to restructure its debt.
> 
> Nakheel “received acceptance from 100 percent of the banks and the required majority of its trade creditors giving their consent to the Nakheel restructuring plan,” it said in a statement.


http://www.arabianbusiness.com/nakheel-says-it-has-100-restructuring-approval-408926.html


----------



## Parisian Girl

*Former chief suing Nakheel alleges he is owed $3.7m*



> Kevin Brass | July 11, 2011
> 
> A former chief executive of Nakheel is suing the palm islands developer for US$3.7 million (Dh13.5m) in what he claims are contractual incentive payments owed to him.
> 
> New details emerged yesterday on Chris O'Donnell's lawsuit against the developer behind many of Dubai's iconic developments.


http://www.thenational.ae/business/property/former-chief-suing-nakheel-alleges-he-is-owed-3-7m


----------



## Parisian Girl

*Nakheel pricing islands on The World again*



> By Parag Deulgaonkar | Published Wednesday, July 13, 2011
> 
> Nakheel, Dubai-based developer, has said it is currently working on finalising prices of for islands on its The World project, as investors interest is perking up once again.
> 
> “We confirm that we have had interest from purchasers and the properties are currently being priced,” a Nakheel spokesperson told this website, without giving details of the new prices.
> 
> The islands, which are sold only by invitation, were earlier priced in the $20 million (Dh73.4m) to $50m range.
> 
> Nakheel, which has now become a wholly owned government entity, claims it has already sold 70 per cent of the 300 islands on The World.
> 
> The remaining 30 per cent are still owned by them. Currently, only two projects are underway on The World despite a host of developers announcing massive development plans in the past.


http://www.emirates247.com/business/nakheel-pricing-islands-on-the-world-again-2011-07-13-1.407391


----------



## Parisian Girl

*Nakheel to issue sukuk in July: report*



> By Staff | Published Saturday, July 16, 2011
> 
> Nakheel properties is pushing ahead with plans to issue Dh4.8 billion sukuk (Islamic bonds) on schedule this month after securing approval for its debt restructuring by all lenders, said on Saturday.


http://www.emirates247.com/property...ssue-sukuk-in-july-report-2011-07-16-1.407930


----------



## Parisian Girl

*Palm tenants face charges for beach access*



> By Claire Ferris-Lay | Monday, 1 August 2011 12:26 PM
> 
> Nakheel, the troubled Dubai developer, is mulling plans to privatise the beach clubs on its flagship Palm Jumeirah development and charge tenants for access, Arabian Business has learned.
> 
> The scheme would see owners and tenants of properties in the Shoreline development asked to pay an annual membership fee to access club facilities, which include gyms, pools and access to the private beach.
> 
> Nakheel in exchange will cut annual maintenance charges for homeowners to remove fees related to the beach club, a source said.
> 
> It is not clear whether the developer plans to open access to the beach club to non-tenants, subject to payment of an annual membership fee, but it is understood Nakheel plans to overhaul the clubs to meet hotel-style standards.


http://www.arabianbusiness.com/palm-tenants-face-charges-for-beach-access-413447.html


----------



## Parisian Girl

*Banks can buy Nakheel debt*



> By Staff | Published Tuesday, August 02, 2011
> 
> Dubai-based Nakheel Properties does not object to plans by any bank to buy debt by its creditors who wait for the company to issue Dh4.8 billion sukuk within restructuring plans, its chairman was quoted on Tuesday as saying.


http://www.emirates247.com/business/banks-can-buy-nakheel-debt-2011-08-02-1.410975


----------



## Parisian Girl

*Nakheel delays $1.63bn bond*



> By Reuters | Published Thursday, August 04, 2011
> 
> Dubai World's property arm Nakheel said its planned Islamic bond, part of its $10.9 billion debt repayment proposal, has been delayed due to administrative reasons.
> 
> The developer had been slated to issue the $1.63 billion Islamic bond, or sukuk, by the end of June.
> 
> Nakheel said on Thursday that it would issue the sukuk as soon as "practical". It did not specify a new time frame.
> 
> "It is taking longer than expected to close all the required steps to complete the administrative processes associated with the issuance of the sukuk," a Nakheel spokesman said in an emailed statement.
> 
> "Therefore as soon as it is practical, the sukuk will be issued."
> 
> The developer, which ran a parallel restructuring process to parent firm Dubai World, has offered trade creditors repayment of 40 per cent cash and the remaining 60 per cent in the form of a sukuk.
> 
> Once its restructuring is complete, Nakheel will be owned by the Dubai government.


http://www.emirates247.com/property/real-estate/nakheel-delays-1-63bn-bond-2011-08-04-1.411403


----------



## Parisian Girl

*Nakheel sukuk issue on August 25*



> By Staff | Published Wednesday, August 10, 2011
> 
> Dubai-based Nakheel properties has set August 25 as a final date to issue the much-awaited Dh4.8-billion sukuk (Islamic bonds) to creditors after a two-month delay attributed by the company to administrative reasons.
> 
> “We have set August 25 as a final date for issuing the Dh4.8 billion sukuk as part of our $13-billion debt restructuring plan,” Nakheel’s chairman Ali Rashid Lootah told the Sharjah-based Arabic language daily Al-Khaleej.


http://www.emirates247.com/business...-sukuk-issue-on-august-25-2011-08-10-1.412482


----------



## Parisian Girl

*Nakheel plans major expansion of Dragon Mart*



> By Deena Kamel Yousef, Staff Reporter | Published: 00:00 August 23, 2011
> 
> Dubai: Nakheel is planning a major expansion of the Dragon Mart Mall by adding more retail and entertainment outlets, a move regarded as a positive sign for Dubai's retail market. Construction is planned for 2012.
> 
> Nakheel announced yesterday that it will add 1.7 million square feet of retail space to the mall, including family entertainment, cinemas, food court, gym, a large supermarket and department stores, apart from 5,000 parking slots.
> 
> The project is in the design phase with construction planned for the first half of 2012.
> 
> Nakheel is also developing two community retail centres to serve Discovery Gardens and Jumeirah Park, it said.


http://gulfnews.com/business/retail/nakheel-plans-major-expansion-of-dragon-mart-1.855795


----------



## Parisian Girl

*Nakheel to issue sukuk this week*



> By Staff | Published Tuesday, August 23, 2011
> 
> Nakheel properties intends to issue the much-delayed Dh4.8 billion sukuk (Islamic bonds) to creditors this week as part of a five-year restructuring plan to be launched on Wednesday, its chairman said in remarks published on Tuesday.


http://www.emirates247.com/business/corporate/nakheel-to-issue-sukuk-this-week-2011-08-23-1.414730


----------



## Face81

*Dubai's Nakheel completes debt restructuring*

by Ben Roberts on Aug 24, 2011 

Dubai’s Nakheel has formally announced the completion of its debt restructuring, ahead of schedule, and has plans for further villa projects on the Palm Jumeirah.

The troubled developer, which on Tuesday legally separated from Dubai World, the emirate’s investment vehicle, said that AED 3.8bn of of the AED 4.8bn sukuk would be issued to investors on Thursday.

The final AED 1bn will be set aside to settle claims principally from contractors.

Calling the event a “great day for Nakheel”, Ali Rashid Lootah, chairman, said the company had settled AED 6bn of AED 10bn with trade creditors.

“We think that Dubai needs Nakheel as we believe it’s a key player in the economy. We have excellent ideas and excellent projects.


“It’s been a tough two years since the start of restructuring, but we’ve been able to complete it ahead of schedule,” Lootah said.

The sukuk will list on NASDAQ Dubai in the next few days, the executive added in a press conference in Dubai this afternoon. It will yield to investors the equivalent of LIBOR [London interbank offer rate] plus four points.

Lootah told CW that paying contractors remained the “number one priority”, with some areas of contracting receiving payment within a week. “I have not heard of any complaints regarding payments,” he said.

Negotiations with the 10% of contractors that have not accepted the company’s new terms are still ongoing, he stated. “Contractors always exaggerate, but we’re sitting down with them and finding the right price for the work.”

Nakheel also plans to build more villas on Palm Jumeirah, the only one of three palm-shaped island projects off Dubai’s coast that has seen significant development. The other two – Palm Deira and Palm Jebel Ali – the company considers “long-term projects”, adding that people in the future would see the value of them.

The number of villas to be built is yet to be decided, according to Aqil Kazim, chief commercial offier for Nakheel. The villas are still in design stage, and the number of villas and details about the final design will be announced by the end of the year.

The new villas add to the company's plan to expand Dragon Mart, a retail outlet for Chinese products, and build two further malls.

Nakheel has nine major projects more than 68% complete, according to company data, comprising 7,982 units. These include International City, Jumeirah VIllage - which last year restarted construction - and Jumeirah Heights. All are due for delivery next year, with the exception of Garden View Villas, which is due in December.

*Nakheel’s short term project timeline*

*Garden View Villas*
Progress: 89%
Units: 134
Anticipated latest delivery: December 2011

*International City*
Progress: 88%
Units: 1,663
Anticipated latest delivery: March 2012

*Jumeirah Islands*
Progress: 94%
Units: 31
Anticipated latest delivery: April 2012

*Waterfront: Badrah*
Progress: 74%
Units: 594
Anticipated latest delivery: June 2012

*Waterfront: Veneto*
Progress: 82%
Units: 177
Anticipated latest delivery: June 2012

*Jumeirah Heights*
Progress: 83%
Units: 246
Anticipated latest delivery: August 2012

*Jumeirah Park*
Progress: 72%
Units: 1,795
Anticipated latest delivery: November 2012

*Jumeirah Village*
Progress: 86%
Units: 2,188
Anticipated latest delivery: December 2012

*Al Furjan*
Progress: 69%
Units: 1,154
Anticipated latest delivery: December 2012

*Total units: 7,982*



http://www.constructionweekonline.com/article-13695-dubais-nakheel-completes-debt-restructuring/


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## Sani Ramic

Sounds good, would be nice if there wouldn't come new problems in the next 2 years.


----------



## Parisian Girl

*Nakheel lowers service charges by 30%*



> By Parag Deulgaonkar | Published Thursday, August 25, 2011
> 
> Nakheel, a wholly-owned Dubai government entity, said it had reduced service charges across its various developments by over 30 per cent compared to 2010.
> 
> Company Chairman Ali Rashid Lootah said, “It is due to value engineering, negotiation and renegotiation of service provider contracts that we managed to reduce service charges across all our developments. We want to have the lowest service charges in Dubai.”


http://www.emirates247.com/business/nakheel-lowers-service-charges-by-30-2011-08-25-1.415086


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## Parisian Girl

*Homebuilder CHI Development files suit against Nakheel*



> Kevin Brass | Aug 26, 2011
> 
> 
> 
> 
> 
> 
> 
> 
> 
> The fourteenth hole of the Earth Course at the Jumeirah Golf Estates in Dubai. Amy Leang/The National
> 
> A homebuilder in Jumeirah Golf Estates has filed a Dh309 million (US$84.1m) claim against Nakheel, the project's master developer, over delays in infrastructure construction.
> 
> CHI Development Group built Lime Tree Valley, a collection of 121 villas along the golf course designed by Greg Norman, which hosted the Dubai World Championship in November.
> 
> Most of the villas were completed almost two years ago, but owners have not been able to move in because there is still no electricity or road access to the homes.
> 
> Nakheel declined to comment on the claim.


http://www.thenational.ae/thenation...er-chi-development-files-suit-against-nakheel


----------



## Parisian Girl

*Nakheel delays listing of sukuk on Nasdaq Dubai*



> Zawya Dow Jones | Published: 00:00 August 30, 2011
> 
> Dubai: Property developer Nakheel has yet to list the first tranche of its Dh4.8 billion Islamic bond, or sukuk, on the Nasdaq Dubai after issuing it to trade creditors late last week.


http://gulfnews.com/business/property/uae/nakheel-delays-listing-of-sukuk-on-nasdaq-dubai-1.858898


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## Imre

:lol::lol:

*Nakheel plans to open The World islands to all*

*The developer is in talks with agencies to start tours to The World Islands from Palm Jumeirah*

By Parag DeulgaonkarPublished Tuesday, August 30, 2011

The next time you plan that much-needed break a 'World Tour' would be the best idea!

If Nakheel has its way, then The World islands, which have been sold “only by invitation”, would be open to all.

According to the company Chairman, Nakheel is in talks with tour agencies to start tours to The World Islands from Palm Jumeirah.

“We are trying to develop a tour and cruising business to The World islands from Palm Jumeirah… A lot of tour agencies are asking for such thing,” Ali Rashid Lootah said recently at a press conference.

“A lot of people come to Dubai for short stays and we have been asked for some short term tourism packages… we are in the process of doing that.”

However, it is not known when the tours will start and how much with they cost.

In July, 'Emirates24|7' reported that Nakheel was currently working on finalising prices for islands on its The World project, as investors interest is perking up once again.

“We confirm that we have had interest from purchasers and the properties are currently being priced,” a Nakheel spokesperson told this website.

http://www.emirates247.com/news/emi...-the-world-islands-to-all-2011-08-30-1.415750


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## spiderwoman

Does anyone have a Townhouse in District 9 anywhere next to Townhouse Number 12- Jumeirah Village Triangle - I would just like to know the construction status - to what extent are the properties here completed? I would be most grateful for any feedback from someone who has driven by recently. Many thanks.


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## Parisian Girl

*Nakheel says trade claims 'exaggerated' by 75%*



> by CW Staff on Sep 4, 2011
> 
> Nakheel, the Dubai developer seeking to restructure AED59bn ($16.1bn) of liabilities, said it had slashed the value of “exaggerated” contractor claims against it by 75%.
> 
> The firm, which overstretched itself building islands in the shape of palms and other ambitious projects, said negotiations had seen the value of trade debts fall by more than two thirds.


http://www.constructionweekonline.com/article-13787-nakheel-says-trade-claims-exaggerated-by-75/


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## Parisian Girl

*Nakheel hit with AED200m lawsuit in holy land row*



> by Claire Ferris-Lay on Sep 5, 2011
> 
> A Sharjah-based engineering firm has issued an AED200m ($54.4m) lawsuit against Nakheel for failing to warn it that a plot of land it had purchased was subject to holy land status.
> 
> Greenfield Trading claims the master developer failed to tell it about that the existence of a mosque on the land, which prohibited it from building a hotel and leisure resort on the plot.


http://www.constructionweekonline.c...el-hit-with-aed200m-lawsuit-in-holy-land-row/


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## True Blue

Parisian Girl said:


> http://www.constructionweekonline.com/article-13787-nakheel-says-trade-claims-exaggerated-by-75/


Have a friend working on the contractual claims. He confirmed that most contractors are milking their claims. Most contracts were fixed price and paid upfront which is highly unusual and generous. When variations were ordered the contractors forgot to take into account the fact that Nakheel were still in credit and therefore had no grounds to cease working for unpaid variations. This then puts them in breach of contract and not entitled to any payment for subsequent delays or demob costs. 

Just shows you when the going is good, people get greedy!


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## xingu

True Blue said:


> Have a friend working on the contractual claims. He confirmed that most contractors are milking their claims. Most contracts were fixed price and paid upfront which is highly unusual and generous. When variations were ordered the contractors forgot to take into account the fact that Nakheel were still in credit and therefore had no grounds to cease working for unpaid variations. This then puts them in breach of contract and not entitled to any payment for subsequent delays or demob costs.
> 
> Just shows you when the going is good, people get greedy!


The 2 people I know personally (one is family) were certainly not in that boat.

They managed to get 75% and 60% respectively of what was legally owed to them for work already completed, it was made very clear, take that or be happy with sweet FA.

“You know contractors, they always exaggerate,” said chairman Ali Rashid Lootah. “People claim one million and at the end of day, after you analyse the claim and renegotiate… you agree an amount and we managed to successfully achieve 75 percent saving on contractor claims.”

They certainly don't 'always exaggerate', that statement smacks of playground one upmanship and can be interpreted as 'we told them to take it or leave it' so they took it.


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## Parisian Girl

*Nakheel wrote off $21.4bn after Dubai property crash*



> By Bloomberg Monday, 12 September 2011 8:38 PM
> 
> Nakheel, Dubai’s biggest developer, told creditors it wrote down AED78.6 billion ($21.4 billion) from the value of its real estate as property prices in the emirate crashed.
> 
> The Dubai government-owned company wrote off AED301.4 million in the first half of last year, AED73.8 billion in 2009 and a further AED4.44 billion in 2008, according to its Islamic bond prospectus issued last month and obtained by Bloomberg News.
> 
> After the write-offs, the company’s share capital dropped to AED10.6 billion in June 2010 from AED87.1 billion in 2008. Nakheel declined to comment.


http://www.arabianbusiness.com/nakheel-wrote-off-21-4bn-after-dubai-property-crash-420151.html


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## Parisian Girl

*Doubt hangs over tribunal for Nakheel legal cases*



> Kevin Brass | Sep 15, 2011
> 
> 
> 
> 
> 
> 
> 
> 
> 
> Nakheel formally severed ties with Dubai World last month. Ana Bianca Marin / The National
> 
> The fate of millions of dirhams worth of claims involving Nakheel in the Dubai World Tribunal are in limbo after the company's separation from Dubai World.
> 
> The tribunal was established in 2009 to handle claims relating to Dubai World and its subsidiaries, including Nakheel, the developer behind Palm Jumeirah and The World, the collection of man-made islands.
> 
> But last month Nakheel formally severed ties with Dubai World when it completed a US$16 billion (Dh58.76bn) financial restructuring, leaving the legal community doubtful about the role of the tribunal in Nakheel disputes.
> 
> "At the moment there is complete uncertainty about what will happen," said Adrian Chadwick, a partner with the law firm Hadef & Partners.


http://www.thenational.ae/thenation...t-hangs-over-tribunal-for-nakheel-legal-cases


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## Parisian Girl

*Nakheel says 1,180 homes handed over to buyers*



> By Staff writer | Sunday, 18 September 2011 5:24 PM
> 
> 
> 
> 
> 
> 
> 
> 
> 
> Nakheel wrote down AED78.6bn from the value of its real estate after the collapse of Dubai's property market
> 
> State-backed developer Nakheel has handed over more than 1,180 homes across the Dubai in the last 18 months as the firm’s focus shifts from construction to the completion of existing project.
> 
> Dubai’s largest developer said Sunday that 700 units in its Marina Residences project had been handed over to buyers, alongside 100 apartments in its Masakin Al Furjan development.
> 
> Some 130 homes in the Discovery Gardens complex had also been released to buyers, Nakheel said in an emailed statement, alongside 256 homes in the stalled Jumeirah Village development.
> 
> The next project slated for delivery is the Emarati cluster in International City. Nakheel expects to handover over 1,663 units to buyers by the year-end, the statement said.


http://www.arabianbusiness.com/nakheel-says-1-180-homes-handed-over-buyers-420975.html


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## Parisian Girl

*Nakheel sukuk falls as holders crowd market*



> Bloomberg | Published: 00:00 September 20, 2011
> 
> Dubai: Nakheel's Islamic bonds, which were issued to contractors and suppliers instead of cash as part of a $16.1 billion (Dh59.1 billion) restructuring plan, fell in their first week of trading as holders flooded the market.


http://gulfnews.com/business/property/uae/nakheel-sukuk-falls-as-holders-crowd-market-1.869881


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## Parisian Girl

*Nakheel seeks to put restructuring behind*



> By Kevin Scott, Staff Reporter | Published: 00:00 September 21, 2011
> 
> 
> 
> 
> 
> 
> 
> 
> 
> Ali Rashid Ahmad Lootah, Chairman of Nakheel met with various contractors to see what the progress is on some of Nakheels latest developments. Image Credit: Francois Nel
> 
> Dubai: The chairman of real estate developer Nakheel said on Tuesday he "can now sleep at night" following the completion of the company's Dh59 billion debt restructuring.
> 
> Ali Rashid Ahmad Lootah, who was meeting with contractors at Nakheel's Jumeirah Islands development, said the developer would hand over "more and more property units" in the coming months as the company enters a new chapter.


http://gulfnews.com/business/property/nakheel-seeks-to-put-restructuring-behind-1.870599


----------



## Imre

*Nakheel gets cracking: 25,000 workers, 300 days, 9 projects*

*Chairman says 8,000 housing units will be completed*

By StaffPublished Wednesday, September 21, 2011 

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.

http://www.emirates247.com/property...rkers-300-days-9-projects-2011-09-21-1.419805


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## Parisian Girl

*Nakheel hits out at assets report*



> Published Thursday, September 22, 2011
> 
> Nakheel properties has hit back at foreign media reports doubting the real value of its land assets following the issuance of Dh3.8 billion sukuk (Islamic bonds) by the Dubai-based developer to unpaid contractors.
> 
> Nakheel chairman Ali Rashid Lootah was reacting to reports by Reuters and other agencies and newspapers that the company’s property is overestimated on the grounds much of it is unreclaimed seabed.
> 
> Reuters, citing banking sources in the UAE, said Nakheel’s land plot consists of 350 million sq ft of undeveloped land at Waterfront South. The remainder is made up of 1.3 billion sq ft along the Palm Jebel Ali crescent, of which only 10 percent has already been reclaimed from the sea.
> 
> “Such news leaks will only hurt the investors as they are not based on facts and real investment value,” Lootah told the Sharjah-based daily Alkhaleej on Thursday.
> 
> “Nakheel’s assets against sukuk have been evaluated by specialized international parties and have been accepted by Ernst and Young auditors and by all financial and commercial creditors…this was evident in the company’s success in issuing Dh3.8 billion sukuk as a first tranche of Dh4.8 billion.”


http://www.emirates247.com/business/nakheel-hits-out-at-assets-report-2011-09-22-1.420045


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## Parisian Girl

*Nakheel 2010 profit of $234m*



> By Reuters | Published Sunday, September 25, 2011
> 
> Nakheel made a 2010 profit of Dh860 million ($234.1 million) and sees a rise in revenue this year as the property developer revamps its operations post its $16 billion debt restructuring, its chairman told a local newspaper.
> 
> The rise in profit, which provided a strong boost for the company after the 2009 real estate crash left it financially crippled, was due to an increase in the company's activities, said chairman Ali Rashid Lootah in Arabic language daily Al Khaleej on Sunday, without elaborating.
> 
> "Nakheel's announcement of its profits is an important step ... towards fulfilling our promises to our clients and strategic partners," he said.
> 
> Lootah also said that the company has experienced a rise in revenue so far in 2011, based on a 10-to-15 per cent increase in the management and leasing of fully-owned assets as well as a rise in residential unit occupancy, currently at 70 per cent of the 20,000 units Nakheel owns.


http://www.emirates247.com/property/real-estate/nakheel-2010-profit-of-234m-2011-09-25-1.420437


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## Parisian Girl

*Nakheel split may shut investors out of Dubai World tribunal*



> By Shane McGinley | Monday, 26 September 2011 10:32 AM
> 
> A tribunal set up to hear disputes relating to Dubai World’s debt restructuring may no longer hear cases against Nakheel after the debt-hit developer was carved out of its parent company.
> 
> The split means the tribunal may no longer have jurisdiction to rule on lawsuits concerning the developer, which was taken over by the Dubai government in August.
> 
> A directive issued by the tribunal on Monday said: “issues as to the jurisdiction of the tribunal may arise in proceedings brought by or against Nakheel and those of its subsidiaries and affiliated that have ceased to be subsidiaries of Dubai World.”
> 
> The directive, issued on Thursday by the tribunal's chairman Sir Anthony Evans, said the court would continue to oversee legal cases that commenced before Aug 23.


http://www.arabianbusiness.com/nakh...stors-out-of-dubai-world-tribunal-422114.html


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## Imre

:lol:

*Nakheel plans 200 villas on Palm Jumeirah: sources*

No tenders have been issued yet

By Parag DeulgaonkarPublished Tuesday, September 27, 2011 

Nakheel, a Dubai-based developer, is planning to build close to 200 villas on the Palm Jumeirah, market sources told Emirates24|7.

"The company is planning to build 200 villas on Palm Jumeirah. No tenders have yet been issued," a contractor, working on some Nakheel projects, said on the condition of anonymity.

Nakheel refused to comment when contacted by this website.

Company Chairman Ali Lootah has said earlier they plan to build villas on Palm Jumeriah.

*"There is high demand for Nakheel projects. We have delivered what we have promised," he had said.*

According to information mentioned in the Nakheel sukuk document, a total of 1,395 villas are located on Palm Jumeirah and every signature and garden home villa features a private beach and a swimming pool.

All of the villas developed by Nakheel have been sold, completed and handed over to customers.

In August, the company sold a luxury villa on Palm Jumeirah for nearly Dh28 million at a private auction.

Nakheel has said it plans to commence hand over of 1,663 apartments in International City before the year-end and has handed over 1,180 units over the past 18 months.

http://www.emirates247.com/property...-on-palm-jumeirah-sources-2011-09-27-1.420713


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## Face81

*QE2 Palm Jumeirah plan sinks as Nakheel floats townhouse project instead*

Rebecca Bundhun 

Sep 27, 2011 









_Visitors browse the Artist Impression of the New Palm Residence at Palm Jumeirah launched at Cityscape Global in Dubai. Satish Kumar / The National
_

Nakheel has announced its first major project since the onset of the downturn in Dubai, with a new townhouse development on the Palm Jumeirah replacing originals plans to berth the QE2 ocean liner as a luxury hotel off the man-made island.

The 102 townhouses are to be located off the "trunk" of the Palm Jumeirah.

The cost of the development has not yet been disclosed.

"The QE2 will be placed in a much better location," said Ali Rashid Lootah, the chairman of Nakheel. "The Government of Dubai is developing an up-to-date modern cruise terminal. That will be better environment. It will stay in Dubai. The QE2 will stay in Dubai." The ship is now owned by Istithmar, also part of Dubai World.

Mr Lootah confirmed that it will no longer be part of the Palm Jumeirah development and will remain in the Port Rashid area of Dubai, where it is currently berthed.

The developer was not going to restart any unfinished projects in the near future, Mr Lootah said. "We have to revisit as per the demand."

The remainder of Nakheel's sukuk will be issued before the end of this year, he added.

http://www.thenational.ae/business/...s-as-nakheel-floats-townhouse-project-instead


----------



## Parisian Girl

*Nakheel to hire new CEO soon*



> By Parag Deulgaonkar | Published Tuesday, September 27, 2011
> 
> Property developer Nakheel is looking to fill the vacant CEO position soon after Chris O’Donnell resigned in June, Emirates 24/7 can reveal.
> 
> “We will fill that position soon,” company Chairman Rashid Ali Lootah told Emirates 24/7 following the launch of The Palm Residence on the trunk of Palm Jumeirah.
> 
> Currently, Sanjay Manchanda, chief finance officer, is the acting CEO.


http://www.emirates247.com/property/real-estate/nakheel-to-hire-new-ceo-soon-2011-09-27-1.420873


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## Parisian Girl

*Nakheel unveils latest project at Cityscape*









Sheikh Mohammed bin Rashid Al Maktoum and his son find out about Nahkeel's latest development at Cityscape Global 2011.



> by CW Staff on Sep 28, 2011
> 
> Master developer Nakheel has unveiled its first developments since its debt restructuring at Cityscape Global 2011. The Palm Residence on the Palm Jumeirah comprises 102 beach-front town homes.
> 
> Located off the Palm Jumeirah Trunk, the project enjoys excellent vehicular access from Sheikh Zayed Road and is in close proximity to the already popular shoreline and marina residences.
> 
> Nakheel said in a statement that he Palm Residence adds a new typology to Palm Jumeirah. “These townhouses form a separate community designed in a more contemporary style. This architectural expression lends itself to broad terraces, balconies and expanses of glass opening onto views of Dubai and the Palm’s shoreline.”
> 
> The project comprises distinct types of townhouse designs; each with its own amenities and private beach front, or a unique central swimming pool feature.


http://www.constructionweekonline.com/article-14089-nakheel-unveils-latest-project-at-cityscape/


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## Face81

*Dubai’s The World owners get a Dh100m ‘floating villa’ option*

*Designed by a renowned yacht designer, promoters claim the ’Ome meets master developer Nakheel’s design standards*

By Vicky KapurPublished Tuesday, October 11, 2011 











A Dubai-based joint venture claims to have the answer to the need of a home for some of the “frustrated owners” of the 300-odd islands that form part of the emirate’s The World project – a floating villa, or ’Ome, as its designer-developer are calling it.

The JV between Palmerstone and Donald Starkey Designs has developed the ’Ome, a floating villa on a monocoque type structure, which can be manoeuvred between Dubai’s coast and The World, the company said in a statement.

The 32m in-diameter floating villa was apparently designed in response to the demands of a UAE resident; however the design team had bigger plans. The ’Ome villa design is projected to change the state of The World – the luxurious Dubai archipelago – by providing a self-sustaining floating villa to aid maintenance and irrigation for island owners.










When queried by Emirates 24/7 on the pricing front, the company did not answer specifically on how much a standard ’Ome would cost. “When it comes to the cost of building an ’Ome,” said Graham Henderson, owner of Palmerstone and the developer of the ‘Ome, “while we have a starting budget in mind, we can’t really gauge how much the cost to build will be, as that will depend on the clients’ overall specifications.”

However, speaking at the 2011 Monaco Yacht Show (MYS) recently, ’Ome designer Donald Starkey, a world-renowned yacht designer, said that the floating villa was estimated at anything between €17 million and €20 million (between Dh85m and Dh100m). “We’re still investigating that [price of an ’Ome] but indications are it will be in the region of 17 to 20 million euros,” Starkey said in an interview to Superyachts.com during the 2011 MYS.

A number of buyers on the Nakheel-backed chain of islands have failed to begin work in the wake of plummeting prices in Dubai’s real estate market. Now, when the Dubai property market is showing sure signs of a revival, the ’Ome offers hope to at-sea owners of the islands where construction had earlier ground to a virtual standstill in the wake of the economic downturn.

“The unique prospect of owning an island on The World brings its own set of challenges, and we believe we have created something that will deal with all the considerations that island owners have to deal with when it comes to developing their island,” said Starkey.

The ’Ome can be built on land, and then can be floated to one of the islands on The World, and will have enough energy-generation capacity to provide for the infrastructure for the entire island as well as irrigation for growing vegetation, without the need to break ground.

Building on the mainland will therefore avoid the logistical problem that building on an island entail, the promoters of the ’Ome maintain. It is planned that ’Omes will be built on the Dubai mainland, but the design is applicable to almost any coastal location, and the company is considering the potential for builds in destinations such as Abu Dhabi, Qatar and other island or remote beach locations around the globe.

Featuring five bedrooms, large open planning living areas and a central 10m diameter seawater pool encompassing more than 1,400 m² of usable living space, the first available ’Ome will in a 32m diameter form, comprising an upper and lower deck configuration.

“The layout can be adjusted to suit each owner’s requirements. The design is intended to align with maritime law, as well as meeting the design standards of The World’s developer, Nakheel,” the statement said.

Henderson added that smaller models were also being considered, which could be used to form clusters for use by hospitality providers such as for a hotel or short-term lease option with services provided. “It is estimated that each ’Ome will take around 22 months to complete,” he said in the statement.

“Costs are anticipated to be less than building a yacht of comparable size, but the option of an ’Ome means you are not required to purchase a mooring as you own one already, and so can use the ‘Ome as a conventional home, with your own choice of sea front views having created your own personal beach,” he added.

“There are also the possibilities that a family or small communities can be created by having more than one per island and the fact that the ’Ome is self-sustainable, each will contribute to the overall maintenance of the island’s landscaping thus ensuring The World is alive and very well,” Henderson said.

Each ‘Ome will be self-sustainable, with power, water and waste management included as part of the overall design. The ‘Ome will also include photovoltaic cells on its roof, which will enable the property to be completely self-powered; it’s estimated that each ’Ome would be capable of producing enough energy to power six large households, approximately 30,000 kW of pure renewable energy, which will reduce running costs for owners, as well as reducing their carbon footprint. Service and towing support to move the ’Ome will be provided by a facilities management company.

While the concept has just been launched in Dubai and therefore the firm hasn’t received any orders yet, the developers told Emirates 24/7 that the ’Ome’s designs were received with excitement at the recent Boat Show in Monaco.

The ‘Ome has already been nominated for the International Superyacht Society’s (ISS) ISS Fabien Cousteau Blue Award in recognition of its eco credentials.

“There really is no limit to where we can build the ‘Ome, and considering the specific requirements of people looking to the ‘Ome as a solution, the interior design and fit out will also provide limitless options,” said Henderson.


http://www.emirates247.com/property...00m-floating-villa-option-2011-10-11-1.422985


----------



## I Know

*Can Dubai address investor concerns?*

In 2008 when the global economic downturn prompted a flight of foreign capital from Dubai, iced water was poured on the emirate's previously red-hot real estate market. Developers were left hugely overexposed, and none more so than Nakheel, which had gambled on continued market growth to the tune of several billion dollars. "In Dubai the supply that came on the market was not to service the population," says Majed Azzam, a real estate analyst at AF-HC Securities. "It was a very fluid population and it suffered a mass exodus which put a lot of pressure on prices." 

http://www.ameinfo.com/281443.html

It has since emerged that Nakheel wrote down almost $21.4bn from the value of its real estate as property prices in the emirate collapsed. hno:


----------



## Face81

*Nakheel to work on human-made reef project*

The artificial reefs are designed to attract and support large populations of fish and will cover the entire coast of Dubai

By Kevin Scott
Published: 12:56 November 23, 2011



Nakheel plans to start work on a new human-made reef project within the next few months after some of its developments led to the loss of traditional fishing grounds. 

The Dubai-based real estate developer, which recently completed a massive Dh59 billion debt restructuring, says the project will regenerate the city's fishing and marine environment. 

The artificial reefs are designed to attract and support large populations of fish and will cover the entire coast of Dubai. Only a small percentage will be fishable in order to ensure fisheries resources will not be over-exploited. 

Nakheel declined to comment on the cost of the project, which is going ahead with cooperation from Dubai Municipality and the Emirates Marine Environmental Group. It is estimated the development will take around one year to complete. 

This project will not be a big financial burden as most of the materials are with us," said Ali Rashid Ahmad Lootah, Nakheel's chairman.

"We thought it was important to help increase marine life now that we have more free time after our restructuring," he added. 

The construction of iconic developments, such as the Palm Jumeirah and The World, involved the loss of some of Dubai's traditional fishing grounds and no commercial fishing is currently permitted at Nakheel projects.



http://gulfnews.com/business/construction/nakheel-to-work-on-human-made-reef-project-1.935754


----------



## Face81

Reef locations:










http://www.emirates247.com/property...rtificial-reefs-off-dubai-2011-11-23-1.429818


----------



## I Know

*Nakheel plan to privatise Palm beach legal, says chairman*

Nakheel is legally permitted to privatise the beach clubs on its flagship development Palm Jumeirah, and doesn’t expect tenants to be happy with its decision, its chairman said. 










The state-owned firm developer, which plans to charge homeowners at its Shoreline apartments up to AED5,000 a year to access the building’s pool and gym facilities, would not be pushing ahead with its plans if it did not have regulatory approval, Ali Lootah said on Wednesday.

“There is no issue with that, people want something which they are not entitled to,” he said. 

“I cannot make everybody happy. They should read their contract. We checked legally, we went to RERA (Dubai’s real estate watchdog). :bash:


http://www.arabianbusiness.com/nakheel-plan-privatise-palm-beach-legal-says-chairman--431452.html


----------



## I Know

Good read , Nakheel starts social work :lol:

Nakheel is in social work mode, now that it has finally found something to do that everyone can be happy about. It's building artificial reefs to rebuild marine life where their projects lay. The same projects they say didn't affect fish populations at all. Yes, that one.
Dear old Nakheel is known for a lot of things: blaring ambition, aggressive sales campaign and flashy projects. The extremely ambitious man made island projects including Palm Jumeirah and the World are just two examples. And then of course, there are the unfinished/cancelled projects including the Trump Tower, the Nakheel Tower, the Palm Deira, and the Dubai Waterfront.

Nobody’s stopping people to dream big here. But the reality is Nakheel is now more known around business circles for its tremendous record of debt—close to $16 billion—but the one thing the property developer isn’t as well known for is subtlety.

A fact that was made apparent in an interview Nakheel chairman Ali Lootah had with The National when he spoke of the company’s plans to build 500 artificial reefs off Dubai’s coast.
Says Lootah: 
“We thought it is important to help increase the marine life.” Helping the environment? Well way to go dear old Nakheel-but wait, what’s that noise I can hear? Is it the complaints and protest of conversationalists alike who warned that the construction of man made islands like the Palm Jumeirah and The World will destroy marine life, fish stocks and will put endangered species of the hawksbill turtle further at risk?

“It’s a normal practice that international businesses do some social work”- continues Lootah.

Social work and property developers? Ah, yes. Some would say finally admitting that their ambitious projects did affect the fishing population after all and of course doing something about it could be called social work.

In the interview, Lootah added the project was not in response to a report this week by the UN University that Gulf coastal projects were damaging the marine ecosystem. No. Of course, not. Why even bring it up, eh? We’re sure this is something that’s been in the works for ages.

Because as you said, (Let’s finish off with a real whopper of a comment for the local press) “We thought it was important to help increase marine life now that we have more free time after our restructuring.” Yeah, sometimes a simple ‘no comment’ would just be better.

But hey, who are we to judge a company by its past, maybe this new move marks a new chapter in the developers’ business record. A more open, transparent and socially responsible chapter…

And looks like the company really is starting to be one. In that very same article, the company has announced that it is considering charging Palm Jumeirah tenants as much as 5,000AED for access to the beach club and some other amenities, which have now been reportedly handed over to a new operator. What? Did you really think that residences in this prestigious location would could with amenities for free? Ha. Check the contracts. As Lootah said, there is no such acclamation in them that the amenities are complimentary. And any tenants who would say otherwise may just have misunderstood the sales person when they were told that one of the best features is that they are within reach of a brand spanking luxury club. Is anyone surprised?

Yes, a new chapter for Nakheel indeed.

Have you been charged with a new fee recently by the property developers? If so, leave a comment or contact us at [email protected].

http://www.kippreport.com/2011/11/oh...says…/


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## gevorika78

I HATE NAKHEEL WITH A VENGEANCE


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## I Know

Former Nakheel employee in the dock 

The plot was in the Dubai Waterfront project, which in 2007 was the world's biggest waterfront development. Mr Joyce and Mr Reed have rejected the allegation. Mr Reed said at no time did he represent that he or Prudentia held an enforceable right to land, and Sunland was aware of that.

Mr Joyce was managing director of *Dubai Waterfront, a subsidiary of Nakheel*, a company owned by the ruling family. He and colleague Marcus Lee - who is not a party in the Australian Sunland case - were held in jail for nine months in 2009, and have since been on bail in Dubai, with their passports confiscated.


http://m.smh.com.au/business/race-a...n-caught-in-dubai-dispute-20111128-1o34q.html


----------



## I Know

Nakheel bans 1,300 Palm residents hno: from beach clubs

Nakheel on Sunday banned more than 1,300 residents on its flagship Palm Jumeirah project from using the beaches, pools and gyms in the first stage of a controversial plan to charge for the use of facilities.

Security staff received a 22-page document seen by Arabian Business, which held the names of 1,386 owners on the Shoreline development that have not paid their service charges in full.

Owners or tenants living in these properties have now been denied access to any facilities, and were warned they could be arrested if they attempted to enter the pool and gym areas.

Many of the apartments have at least two people staying in them, so the actual number of affected residents is likely to exceed 2,500.

http://www.arabianbusiness.com/nakh...ents-from-beach-clubs-435730.html?tab=Article


----------



## True Blue

If they are not paying their maintenance then Nakheel are right to exclude them from using the common facilities. Tenants should take their landlords to the rent tribunal for his failure to provide the amenities attached to the rental property.


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## Parisian Girl

*Former Nakheel chief tells court he didn't resign*



> by Duncan Hare on Dec 20, 2011
> 
> Nakheel’s chief commercial officer has admitted a document suggesting former chief executive Chris O’Donnell had resigned from the company was "a mistake" during a hearing at the Dubai International Financial Centre (DIFC) Courts on Monday.


http://www.constructionweekonline.c...er-nakheel-chief-tells-court-he-didnt-resign/


----------



## Parisian Girl

*Nakheel: Chris O'Donnell "would have been fired"*



> by Duncan Hare on Dec 21, 2011
> 
> Chris O’Donnell, the former CEO of Nakheel, “would have been fired” by his former employers if “he hadn’t been hiding the truth from them”, Dubai International Financial Centre court has heard.
> 
> O’Donnell, who it was revealed at a tribunal this week pocketed a whopping AED400,000 ($110,000) per month during his five year spell at the helm of Nakheel, is suing ‘The World’ creators for breach of contract.
> 
> Australian O’Donnell ran developer giants Nakheel during some of its greatest but then most turbulent periods of the company’s history.


http://www.constructionweekonline.com/article-15077-nakheel-chris-odonnell-would-have-been-fired/


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## SA BOY

typical dubai company MO, fire/retrench/make redundant someone just before they hit a milestone that allows them to claim a pre agreed incentive. happened to me in Dubai as well and a few other people I know. And you wonder why no one takes dubai seriously


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## Parisian Girl

*Nakheel calls for bids for Dragon Mart expansion*









Nakheel has issued a tender for the central utility complex for the Dragon Mart extension, which includes a hotel. 



> by CW Staff on Dec 23, 2011
> 
> Developer Nakheel has issued a tender for the Central Utility Complex (CUC) that will serve the extension to the Dragon Mart shopping complex and hotel.
> 
> It is inviting "suitable companies with a valid license from the government of Dubai, Department of Economic Development or from an equivalent government entity from any other emirate."


http://www.constructionweekonline.c...eel-calls-for-bids-for-dragon-mart-expansion/


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## Parisian Girl

*Nakheel to name-and-shame*



> _*Threatens to sue service charge defaulters after January 25*_
> 
> By Parag Deulgaonkar | Published Sunday, December 25, 2011
> 
> 
> 
> 
> 
> 
> 
> 
> 
> Nakheel has also posted a list with names of apartment owners and their outstanding amount as of December 20, 2011, in the lobby of the
> buildings (SUPPLIED)
> 
> 
> 
> 
> 
> 
> 
> 
> 
> According to the notice, put in most of the buildings in the master community, the developer said that apartment owners have until January 25, 2012 to clear their dues (SUPPLIED)
> 
> Dubai-based master developer Nakheel has decided to name-and-shame service charge defaulters at its Discover Gardens community in an apparent bid to make owners cough up the outstanding fees without having to initiate legal action, but at the same time maintained that it will sue if defaulters fail to pay the outstanding within a month from today.
> 
> The developer has posted a list with names of apartment owners and their outstanding amount as of December 20, 2011, in the lobby of Discovery Gardens buildings, along with a notice which says there could be a possibility of apartment owners’ access to their buildings being restricted.
> 
> According to the notice, the developer has said that apartment owners have until January 25, 2012, to clear their dues. It has also posted a list with names of apartment owners and their outstanding amount as of December 20, 2011, in the lobby of the buildings.
> 
> The notice, dated December 22, reads: “Please note that Discovery Gardens LLC requested all the unit owners to make the payment towards service charges related 2010/2011, for your information the service charge is duly approved by Rera and due for payment as on 17th November 2011."
> 
> It was noticed that several apartment owners have not yet cleared their dues. The list of apartments which has not cleared the dues is attached herewith.” It adds: “Kindly note that service charges should be cleared/paid on or before 25th January 2012, failing which will take legal action against the defaulters which may even result in restricting the access to the building.”
> 
> An apartment owner, who did not wish to disclose his name, admitted that Nakheel had sent him an email reminder in October for outstanding service charges. “Yes, I got an email from them. They are charging me almost Dh11,000 for my studio apartment and the charges exclude the master community fee, which they will inform later. I believe the service charges is really high and so I haven’t paid it.”
> 
> P Madhu , who has rented a one-bed apartment, said: “I just found out that my landlord hasn’t paid his annual service charge since his name is there on the list. I will call him after Christmas and inform him about the list.”
> 
> She added: “I don’t think most of the owners actually reside in our building. It will be us (tenants) who will be on the receiving end if they restrict access to the building.”
> 
> In June, Nakheel had warned property owners in Discovery Gardens to pay their outstanding building service charges within 15 days from June 9, or else face disruption of utilities and services. It had said then that “failure to pay building service charges on time is a violation of the law and the unit owner is fully liable for all the consequences.”
> 
> A Nakheel spokesperson had told 'Emirates24|7' in June that it will not be able to pay utility and service providers if there are no funds in building accounts of Discovery Gardens, which may result in service disruption.
> 
> “As the letter is self explanatory that to continue the services and pay the utility provider, we need sufficient fund to keep the building up and running. If there is no fund in the building account we will not be able to pay the utility charges and service provider which may result in disruption. Service disruption will depend on the service providers,” the spokesperson had said.
> 
> Nakheel says that the outstanding amount varies building by building as each building had a different rate of service charges. Each building has a different cost of operation so the utility and service provider’s charges differ building by building.
> 
> Discovery Gardens consists of six themed communities inspired by garden living, and includes Zen, Mediterranean, Contemporary, Mogul, Mesoamerican and Cactus courtyard gardens. The development spans over 26 million square foot plot and has 291 buildings.


http://www.emirates247.com/property/rentals/nakheel-to-name-and-shame-2011-12-25-1.434307


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## Parisian Girl

*Nakheel to sell off Dubai Waterfront tower cranes*



> by CW Staff on Dec 26, 2011
> 
> Nakheel, developer of Palm Jumeirah and The World in Dubai, is selling unused construction cranes intended for the Dubai Waterfront development, once billed as the largest waterfront project in the world.
> 
> The developer has placed an advertisement in a newspaper offering 13 "new and unused" tower cranes. "Some of the tower cranes are partially erected and remain stocked in unopened boxes as delivered by the manufacturer," the ad reads.
> 
> None of them are operational at present, it stipulates. The cranes, which could cost about $272,000 each, will be sold by sealed bid, which must be in by 8 January.


http://www.constructionweekonline.c...el-to-sell-off-dubai-waterfront-tower-cranes/


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## Parisian Girl

*Nakheel has no right to charge for facilities - RERA*



> By Bloomberg | Tuesday, 27 December 2011 6:25 PM
> 
> 
> 
> 
> 
> 
> 
> 
> 
> The luxury Shoreline apartments on Dubai's Palm Jumeirah
> 
> Nakheel, Dubai’s largest property developer by assets, has no right to deny residents of Dubai’s palm-shaped island access to communal facilities by turning them into exclusive clubs, according to the emirate’s property regulator.
> 
> Nakheel stopped homeowners and tenants at the Palm Jumeirah from using the property’s beach, swimming pools and gyms earlier this month, according to leaflets the developer distributed earlier this month. The company plans to charge households AED5,000 ($1,360) a year for access to these parts of the man- made island, the leaflets showed.
> 
> “By law, no one can stop an owner or a registered tenant from using the communal areas once they have paid service fees,” Marwan bin Ghalita, chief executive officer of Dubai’s Real Estate Regulatory Agency, said in an interview on Tuesday.
> 
> “If you bought something based on an agreement with a developer, he can’t change it.” A spokesman for Nakheel declined to comment.


http://www.arabianbusiness.com/nakheel-has-no-right-charge-for-facilities-rera-437140.html


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## Imre

*Tenants can't be barred from common areas*

*Nakheel has no right to charge extra for communal facilities, argues regulator*

By StaffPublished Wednesday, December 28, 2011 

Nakheel, one of Dubai’s largest property developers, has no right to deny residents of Dubai’s Palm Jumeirah access to communal facilities by turning them into exclusive clubs, according to Real Estate Regulatory Authority (Rera), the emirate’s property regulator.

Earlier this month, Nakheel banned more than 1,300 residents on its Palm-shaped island project from using the beaches, pools and gyms in the first stage of a controversial plan to charge for the use of facilities.

The developer was seeking residents to pay up an additional Dh5,000 dirhams a year per residential unit for access to these parts of the man- made island, leaflets distributed by the property major showed.

“By law, no one can stop an owner or a registered tenant from using the communal areas once they have paid service fees,” Marwan bin Ghalita, chief executive officer of Dubai’s Rera, told newswire Bloomberg in an interview. “If you bought something based on an agreement with a developer, he can’t change it,” he said.

“I cannot make everybody happy,” is what the Nakheel Chairman had to say last month when Emirates 24|7 asked him about the beach access fee to be imposed on residents of Nakheel’s Shoreline apartments on the Palm Jumeirah.

“Read your contracts. We checked legally ... went to Rera. We abide by the law and respect the law,” Nakheel Chairman Ali Lootah told this website.

Nakheel had warned ‘defaulting’ owners or tenants living in Shoreline Apartments at Palm Jumeirah that their access to communal facilities would be taken away, and even threatened them with arrest if they failed to comply with its direction.

With a number of people staying in each of those apartments, the actual number of residents affected by Nakheel’s plan was around 3,000.

According to a resident-owner of a Shoreline apartment, from December 1 onwards, all residents have to produce a “new” photo access card to use the Shoreline facilities, while the guests will be charged on a “per day basis”. This includes beach access from the apartments.

Some residents have claimed that Nakheel plans to open up membership for these facilities to non-tenants at Dh12,000 per year.

http://www.emirates247.com/property/tenants-can-t-be-barred-from-common-areas-2011-12-28-1.434847


----------



## Parisian Girl

*35% of Dragon 2 leased out*



> By Parag Deulgaonkar | Published Thursday, December 29, 2011
> 
> Nakheel said on Thursday it has already booked 35 per cent of over one million square feet of retail space in the new Dragon Mart expansion mall “Dragon 2” in just four days.
> 
> “The booking started on the 25 of this month, where it has experienced a huge demand from the tenants and the management has booked 35 per cent of the total letable area more than one million square feet,” the company said in a press statement.


http://www.emirates247.com/business/corporate/35-of-dragon-2-leased-out-2011-12-29-1.435039


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## Parisian Girl

*'Name and shame' at Shoreline*



> Martin Croucher | Dec 30, 2011
> 
> 
> 
> 
> 
> 
> 
> 
> 
> 
> 
> 
> 
> 
> 
> 
> Developer Nakheel has posted a list of residence of Shoreline apartments on the Palm Jumeirah who have not paid membership fees to the beach and pool clubs.
> Sarah Dea / The National
> 
> DUBAI // The property developer Nakheel yesterday published the names of homeowners who have not paid service charges, amid a row over access to leisure facilities at the Shoreline Apartments in Dubai.
> 
> Lists of defaulters, along with the amount they owe, were put up on community noticeboards around the luxury development on the Palm Jumeirah yesterday morning.
> 
> The charges are partly related to the use of clubhouse and beach facilities in the development. Nearly 80 per cent of all apartment owners are listed on the noticeboards for failing to pay "master community and clubhouse fees".
> 
> Nakheel has angered residents with its plan to impose annual membership fees of Dh2,000 for residents and Dh5,000 for visitors for the use of the facilities, from January 1.


http://www.thenational.ae/news/uae-news/name-and-shame-at-shoreline


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## Imre

Will they sell everything within 24 hours ?


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## Parisian Girl

*'We will go by the book,' says Nakheel*



> Shoreline Residences at Palm Jumeirah has been at the heart of a service-charge dispute with master developer Nakheel.
> 
> by Gerhard Hope on Feb 24, 2012
> 
> Master developer Nakheel recently hosted a media round table to present its case in its ongoing dispute with residents at the Shoreline Residences on Palm Jumeirah with regard to unpaid service charges.


http://www.constructionweekonline.com/article-15774-we-will-go-by-the-book-says-nakheel/


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## Parisian Girl

*Nakheel issues tender for security services*



> by CW Staff on Feb 25, 2012
> 
> Master developer Nakheel has issued a tender for security services at its Palm Jumeirah and International City communities.
> 
> The tender is for “repair and maintenance of security systems,” ranging from gate barriers to CCTV, access control and the control room.


http://www.constructionweekonline.com/article-15772-nakheel-issues-tender-for-security-services/


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## Parisian Girl

*Nakheel pays Dh202.2m to lenders*



> By Staff | Published Sunday, February 26, 2012
> 
> Nakheel released on Sunday profit and interest payments equivalent to Dh202.2 million to its lenders.
> 
> The payments were due at the end of February 2012 in accordance with the restructuring commitments.
> 
> A Nakheel spokesperson said the timely discharge of the committed payments signals the successful execution of the restructured operations by Nakheel.
> 
> He said it cements Nakheel’s commitments towards implementing the agreed operating plan following the completion of one of the largest and most complex restructuring in the Middle East in August 2011.


http://www.emirates247.com/business/corporate/nakheel-pays-dh202-2m-to-lenders-2012-02-26-1.445189


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## Parisian Girl

*Nakheel starts selling new Palm townhouses for Dh6-8 million*



> By Parag Deulgaonkar | Published Thursday, March 29, 2012
> 
> Nakheel has finally commenced sales of its townhouse project on Palm Jumeirah, launched in September 2011, at prices ranging between Dh6 and Dh8 million.
> 
> Located off the Palm Jumeirah eastern side of the trunk, Palma Residences will have 104 townhouses and will be separate gated community with a Mediterranean-style design.


http://www.emirates247.com/news/emi...nhouses-for-dh6-8-million-2012-03-29-1.451180


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## Parisian Girl

_*Nakheel lays down law for Discovery: No laundry in balconies or smoking in corridors*_
http://www.emirates247.com/property...s-or-smoking-in-corridors-2012-04-09-1.452869


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## Parisian Girl

*Nakheel plans more Palm projects*



> By Parag Deulgaonkar | Published Wednesday, April 11, 2012
> 
> Nakheel on Wednesday broke ground on the Palma Residences, Palm Jumeirah - its first project launched after completion of its Dh60-billion restructuring process - with the project stated to be completed in 18 months.


http://www.emirates247.com/business/corporate/nakheel-plans-more-palm-projects-2012-04-11-1.453414


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## InvestorDubai

*Stay OFF from Off Plan Palma Residences*

Stay away from any off-plan purchases

The news about them selling 21 villas-could be just propaganda to entice people to buy.

Anybody who has not learned from the problems of investors stuck in
incomplete buildings will suffer again. If you don't learn from other people's
mistakes you will learn from your own.

When sh*t hits the fan we know who the government, RERA and courts support. THE DEVELOPER.

Buy only COMPLETE buildings and nothing else is my 2 pence worth.

Many Nakheel projects are on hold. They don't have a reputation of delivering on schedule.


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## Parisian Girl

*Nakheel to deliver 819 Furjan villas*



> By Parag Deulgaonkar | Published Sunday, April 15, 2012
> 
> Nakheel, the Dubai-based master-developer, plans to handover 819 villas in its Al Furjan project by the year-end, Emirates 24|7 can reveal


http://www.emirates247.com/property/nakheel-to-deliver-819-furjan-villas-2012-04-15-1.453827


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## Parisian Girl

*Nakheel 2011 profit up 33% to Dh1.3bn*



> By Parag Deulgaonkar | Published Monday, April 16, 2012
> 
> Dubai-based property developer Nakheel said on Monday its net profit jumped 33 per cent to Dh1.33 billion in 2011 compared with Dh1 billion in 2010.


http://www.emirates247.com/business...1-profit-up-33-to-dh1-3bn-2012-04-16-1.454151


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## Parisian Girl

*Nakheel signs off 2 new Palm projects*



> By Staff | Published Thursday, April 19, 2012
> 
> Nakheel on Thursday signed contracts worth Dh43 million for two key projects on Palm Jumeirah.
> 
> A Dh25-million contract for design of the Palm Mall, a 1.7 million sq ft retail complex, was awarded RSP Architects. Design work is due to finish by year-end, with construction starting early in 2013. The mall will open in 2014.


http://www.emirates247.com/property...s-off-2-new-palm-projects-2012-04-19-1.454759


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## Parisian Girl

*Nakheel cuts back on cooling rate rise*



> Carol Huang | Apr 20, 2012
> 
> 
> 
> 
> 
> 
> 
> 
> 
> Kamal Kotecha, a British resident of Jumeirah Islands, says regulation is needed to prevent steep and unpredictable rises. Jaime Puebla / The National
> 
> DUBAI //Nakheel will raise Jumeirah Island district-cooling charges by 79 per cent after months of resistance to its 150 per cent rise.


http://www.thenational.ae/news/uae-news/nakheel-cuts-back-on-cooling-rate-rise


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## DUBAI INVESTOR

Passed by Nakheel's new Palm Jumeirah townhouse development, La Palma, today and there was zero activity, not one worker or machine. According to Nakheel, the completion date is in 18 months ! Also to note is that government developers like Nakheel and Emaar still are exempt on The Escrow Law, i.e., the funds deposited towards La Palma are not tied to this project. The off plan buyer can however rest assure that his investment is protected by an ironclad SPA based on Dubai Property Laws, enforced by an expeditious and affordable court system and overseen by the ever vigilant RERA agency.


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## Parisian Girl

*Nakheel denies blocking car-park access at Shoreline apartments*



> The National staff | May 6, 2012
> 
> DUBAI // Nakheel today denied reports that it is blocking access to car parks in the Shoreline residential buildings on the Palm Jumeirah.


http://www.thenational.ae/news/uae-...cking-car-park-access-at-shoreline-apartments


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## Parisian Girl

*Nakheel cuts customer liabilities*



> By Manoj Nair, Associate Editor | Published: 00:00 May 11, 2012
> 
> 
> 
> 
> 
> 
> 
> 
> 
> Villas on the Palm Jumeirah, a Nakheel project. Nakheel has handed over 1,171 properties to its customers this year so far. Image Credit: Gulf News Archives
> 
> Dubai Total customer liabilities "mitigated" from Nakheel's long-term projects now total Dh6.67 billion out of the original Dh9.88 billion — a decline of 32.4 per cent, Gulf News has learnt.


http://gulfnews.com/business/property/uae/nakheel-cuts-customer-liabilities-1.1021343


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## Parisian Girl

*Dubai courts to hear legal cases against Nakheel*



> Staff Report | Published: 00:00 May 17, 2012
> 
> Dubai: The Legal Affairs Department of the Dubai Government said Dubai Courts will hear cases involving Nakheel and its subsidiaries, following Nakheel's separation from Dubai World which took place on August 23, 2011.


http://gulfnews.com/business/property/uae/dubai-courts-to-hear-legal-cases-against-nakheel-1.1024055


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## Parisian Girl

*Nakheel targets 'young and trendy' for Palm project*



> By Claire Valdini | Sunday, 20 May 2012 2:10 PM
> 
> 
> 
> 
> 
> 
> 
> 
> 
> 
> Nakheel Properties, the Dubai developer bailed out by the government in 2009, will start selling 500 sq feet studio apartments on the Palm Jumeirah, its second residential project since the real estate market crashed in 2008, its chairman said.


http://www.arabianbusiness.com/nakheel-targets-young-trendy-for-palm-project-458465.html


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## TerryPop

DUBAI INVESTOR said:


> Passed by Nakheel's new Palm Jumeirah townhouse development, La Palma, today and there was zero activity, not one worker or machine. According to Nakheel, the completion date is in 18 months ! Also to note is that government developers like Nakheel and Emaar still are exempt on The Escrow Law, i.e., the funds deposited towards La Palma are not tied to this project. The off plan buyer can however rest assure that his investment is protected by an ironclad SPA based on Dubai Property Laws, enforced by an expeditious and affordable court system and overseen by the ever vigilant RERA agency.




its probably worth keeping a timeline from each press release/launch of a new project to any real activity.

This could be a dubai land trick all over again.


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## TerryPop

*the pointe*

So looking at each project:

The pointe on Palm Jumeirah- Launched in early Jan- completion in 2013- 

*Nakheel launches Dh300m mall on Palm Jumeirah*

The mall, which will include retail and food a beverage outlets, will be completed in 2013

http://gulfnews.com/business/retail/...eirah-1.964402


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## TerryPop

*Palma residences*

Launched end of March 2012- completion end of 2013?


*Nakheel sells 21 Palm Jumeirah townhouses on day one of sales*

Completion of Palma Residences by end-2013; 

http://www.emirates247.com/news/emir...04-03-1.451992


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## I Know

> Increased deliveries boost Nakheel revenues by 112% to Dh3.1b
> 
> 
> Dubai developer hands over 3,500 housing units during first half of 2012
> Gulf News Report
> Published: 15:23 July 30, 2012
> 
> Dubai: Increased delivery of properties, better cost and cash management have helped Dubai property developer Nakheel post a 36.5 per cent increase in its net profits to Dh767 million during the first half of the current year, compared to Dh562 million recorded in the corresponding period last year.


http://gulfnews.com/business/proper...t-nakheel-revenues-by-112-to-dh3-1b-1.1055255


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## I Know

> *Qurashi to resume hunger strike if guilty of Nakheel charge*
> 
> By Daniel Shane Tuesday, 31 July 2012 3:26 PM
> 
> Qurashi spent two-and-a-half years in a Dubai jail before successfully appealing two out of three counts of cheque fraud. He was released on bail last week, with the result of the third appeal expected later this week.
> 
> The new case filed against him by Nakheel is over another alleged bounced cheque in relation to the purchase of a plot of land on the firm’s Dubai Waterfront development


.

http://www.arabianbusiness.com/qurashi-resume-hunger-strike-if-guilty-of-nakheel-charge-468052.html


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## I Know

*Nakheel "not in a hurry" to pay creditor claims - chairman*



> Nakheel chairman Ali Rashid Lootah said the indebted Dubai developer is "not in a hurry" to pay AED5bn (US$1.36bn) due in creditor claims, and expects contractors to accept up to 80 percent less than what they are owed.


http://www.arabianbusiness.com/nakh...ditor-claims-chairman-468118.html?tab=Article


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## Berliner01

It reflects their attitude to business and why nobody in their right state of mind would ever work with them again without 100% upfront payment.


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## I Know

Nakheel said to sell Palm plot for $109m

http://www.arabianbusiness.com/nakheel-said-sell-palm-plot-for-109m-469522.html


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## I Know

Executives inflicted Dh142m loss on Nakheel’s Water Front Project

http://gulfnews.com/news/gulf/uae/c...ss-on-nakheel-s-water-front-project-1.1061517


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## I Know

Great news 

*Nakheel repays $57m as part of debt deal*

By Andy Sambidge Wednesday, 29 August 2012 6:41 PM












> Dubai developer Nakheel said on Wednesday it has repaid AED211m ($57.4m) to lenders as part of its debt restructuring programme.
> 
> “The payments were due at the end of August 2012 in accordance with the restructuring commitments," the company said in a statement.
> 
> It added: “The timely discharge of the committed payments signals the successful execution of the restructured operations by Nakheel and cements the company’s commitments towards successfully implementing the agreed operating plan following the completion of one of the largest and most complex restructuring in the Middle East in August 2011.”


http://www.arabianbusiness.com/nakheel-repays-57m-as-part-of-debt-deal-471313.html


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## Berliner01

Seems like that was only the due interest payment. Would be great if they actually reduced their debts.


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## Berliner01

> Of the 20 buildings on the Palm Shoreline, only four don’t belong to Nakheel. Some years ago, Vakson Real Estate bought one of these, building number 18, from Nakheel. The intention was to turn it into a hotel. The property crash put paid to that idea, and in January this year, Vakson decided to sell off the individual apartments.
> 
> They are, of course, exactly the same as all the Nakheel-owned buildings. The facilities are exactly the same. The same beach. The same pool. The same gym. The same gardens. The same size. The same colour. Same everything.
> 
> Well, except one thing. Anyone owning an apartment in the Vakson building pays AED12.50 per square foot in service charges. Anyone owning an apartment in most of the rest of the Nakheel-owned Shoreline pays anything between AED20 and AED24 per square foot.


http://www.arabianbusiness.com/service-charges-is-cat-out-of-bag--471438.html


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## Parisian Girl

*Nakheel awards Dh105m contract for Palm Jumeirah work*



> Zawya Dow Jones | Published: 15:47 September 13, 2012
> 
> Dubai: Real-estate developer Nakheel has awarded a Dh105 million ($28.6 million) contract to Dutch company Van Oord International to carry out beach profiling work on Dubai’s man-made Palm Jumeirah island. Work will commence in the third week of September and be completed in seven months time, Nakheel said in an emailed statement on Thursday.  According to Nakheel, Van Oord International will be “using prime quality sand on the eastern and the western edges of the Palm Jumeirah’s trunk... as well as handle the re-profiling of the water edge along (some of) the Palm Jumeirah island’s fronds.”


http://gulfnews.com/business/proper...05m-contract-for-palm-jumeirah-work-1.1074359


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## Burj Khalifa fan

*Nakheel warns Palm residents: "it's our beach"*

The beach belongs to Nakheel, it’s our beach,” the chairman of the government owned master developer, which is embroiled in an ongoing dispute with residents and tenants on the Palm Jumeirah over service charges, said in an interview this week.

to read the full article
http://ahmaddubaiblog.blogspot.com/

credit to Arabianbusiness


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## Berliner01

I wouldn't have expected any other statement from Nakheel.


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## nagshah

Is it true that Nakheel is selling new villas at Jumeirah Park? They cancelled mine and still no swap as they said there is no inventory


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## Parisian Girl

*Dubai developer Nakheel 'is building back the trust' says chairman*



> Lucy Barnard | Oct 2, 2012
> 
> 
> 
> 
> 
> 
> 
> 
> 
> Ali Rashid Lootah, the chairman of Nakheel, says he has plans to grow the company once the market recovers. Sarah Dea / The National
> 
> Ali Rashid Lootah, the chairman of the Dubai developer Nakheel, hopes with this year's Cityscape in the emirate he is finally able to convince the property-buying public to put their trust back in his company.


http://www.thenational.ae/thenation...heel-is-building-back-the-trust-says-chairman


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## unknownpleasures

Nakheel features again in Cityscape 2012!! 

And a few more regulars...hno:


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## Berliner01

> *Nakheel 9-month profit nearly doubles*
> 
> Dubai's property developer Nakheel said on Sunday that net profit for the first nine months of the year nearly doubled, helped by property handovers and growing business in its retail and leasing segment.
> Net profit for the nine months ended September 30 was Dh1.1 billion ($299.5 million), up from Dh600 million in the year-ago period, Nakheel said in a statement sent by email. The company did not provide any quarterly numbers.
> Revenue for the nine months rose to Dh4.5 billion from Dh2 billion in the prior-year period.


http://www.emirates247.com/business/nakheel-9-month-profit-nearly-doubles-2012-10-21-1.479789


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## seagulls

Hi, which plot On the trunk has been bought for 109m usd? Anyone know?


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## Parisian Girl

*Indebted Nakheel pockets $114m from land sales*



> By Staff writer | Monday, 19 November 2012 12:04 PM
> 
> Indebted Dubai real estate firm Nakheel said on Monday it closed land sales worth AED419m (US$114m) relating to plots on its Palm Jumeirah and Jumeirah Village Circle developments.


http://www.arabianbusiness.com/indebted-nakheel-pockets-114m-from-land-sales-480075.html


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## Parisian Girl

*Nakheel set to award Legacy Villas contracts*



> By Andy Sambidge | Monday, 10 December 2012 7:27 PM
> 
> Dubai developer Nakheel said on Monday it will award construction contracts for nearly 400 Legacy Villas at Jumeirah Park in early 2013.


http://www.arabianbusiness.com/nakheel-set-award-legacy-villas-contracts-482314.html


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## Parisian Girl

*Nakheel sells $15m Dubai villa plots in 2 hours*



> By Andy Sambidge | Wednesday, 12 December 2012 5:04 PM
> 
> Nakheel said on Wednesday that it sold more than AED55.4m ($15m) worth of villa plots at Jumeirah Islands, with all available plots snapped up in two hours.
> The plots were sold at auction for higher-than-expected prices, hitting AED513 per square foot, the Dubai developer said in a statement.


http://www.arabianbusiness.com/nakheel-sells-15m-dubai-villa-plots-in-2-hours-482564.html


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## Parisian Girl

*Qurashi says Nakheel can't chase criminal case*



> By Andy Sambidge | Friday, 28 December 2012 9:41 AM
> 
> British real estate developer Safi Qurashi has said a Dubai judge has ruled that Nakheel should not be allowed to pursue him in the criminal courts.


http://www.arabianbusiness.com/qurashi-says-nakheel-can-t-chase-criminal-case-483851.html


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## TerryPop

*Message to RSP Architects *

We want to see the *final design *for the Palm Jumeirah Shopping Mall please!!!

Its been ten months since the multi million dollar contract was awarded for you to design it

& 

With 2014 being the opening date of the mall, shldn't nakheel move to phase 2 now (i.e. actually building it??)



Its time to send out a PR on the CENTRE PIECE of the 'iconic' Palm Jumeirah, 

((The mall will prob end up a very VERY significant Nakheel asset- lets have a looksie please.))





TerryPop said:


> The village centre Palm Mall-Relaunched in April 2012 and delivered in 2014...
> 
> 
> Quote: *The mall will open in 2014*
> 
> 
> http://www.emirates247.com/property/real-estate/nakheel-signs-two-palm-projects-2012-04-19-1.454759


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## Berliner01

Just a wild guess but maybe they have not been fully paid by Nakheel and therefore they are not going to hand over the drawings and designs to them?


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## TerryPop

Arabian Business came out with an article on Nakheels plans for 2013- includes 'hopefully' starting the palm mall in 1st qrtr.

"Last year, the Palm Mall was in the design stage and hopefully we should be in the position to launch it by early 2013. We have all our community centres under construction and are looking at other opportunities that are demand driven," he added.

Actually having read the article a few times there is little substance.

Words like 'hopefully' and a general repeat of previous press releases are not bankable.

They do have cranes out on the cheapest projects to build on the palm (low rise and column townhouses) but how much does a crane cost to rent a day anyway?


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## Parisian Girl

*Dubai's Nakheel issues $33m sukuk as part of debt deal*



> By Reuters | Monday, 7 January 2013 4:59 PM
> 
> Dubai's Nakheel issued an Islamic bond worth AED121m (US$32.94m) on Monday, the third tranche of a sukuk that forms part of the developer's billion-dollar restructuring plan.


http://www.arabianbusiness.com/dubai-s-nakheel-issues-33m-sukuk-as-part-of-debt-deal-484783.html


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## Parisian Girl

*Nakheel announces 57% profit rise*



> By staff writer | Wednesday, 23 January 2013 6:03 PM
> 
> 
> 
> 
> 
> 
> 
> 
> 
> 
> Debt-ridden developer Nakheel has announced a 57 per cent profit surge to AED2.017bn for the year ending December 31 2012. The company also saw revenues come in at AED7.8 billion, up 91 per cent over the same period.


http://www.arabianbusiness.com/nakheel-announces-57-profit-rise-487096.html


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## unknownpleasures

http://www.arabianbusiness.com/nakhe...ah-486147.html



> By Staff writerThursday, 17 January 2013 10:29 AM
> Nakheel impounds children’s toys on Palm Jumeirah
> 
> Debt ridden Dubai developer Nakheel has confiscated a large number of children’s toys lying outside apartments on the Palm Jumeriah.
> 
> The company has been made to write down the value of its real estate assets by US$21.4bn since 2008 and has been forced into a US$16bn debt restructuring plan.
> 
> It has also been in a long-running battle with its customers on the Palm Jumeirah since December 2011, when it banned more than 1,300 residents from using the beaches and gyms at its Shoreline Apartments residences and claimed it was owed US$20m in unpaid service charges.


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## Parisian Girl

*Dubai’s Nakheel mulls financing for $900m Palm retail projects*



> By Shane McGinley | Monday, 4 February 2013 11:29 AM
> 
> Debt-ridden developer Nakheel is “evaluating finance options” in a bid to raise nearly US$900m needed to fund its latest Palm Jumeirah retail developments, a spokesperson told the Bloomberg news wire on Sunday.


http://www.arabianbusiness.com/duba...ing-for-900m-palm-retail-projects-488190.html


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## unknownpleasures

http://www.arabianbusiness.com/dubai-ruler-approves-898m-nakheel-projects-488045.html



> By Andy Sambidge Saturday, 2 February 2013 4:18 PM
> 
> Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum has ordered work to start on two major Nakheel projects on the Palm Jumeirah.
> 
> Sheikh Mohammed, also vice president and prime minister of the UAE, gave the directive after being briefed on plans to build the Nakheel Mall and the Pointe.
> 
> The two projects will cost a total of AED3.3bn, news agency WAM reported on Saturday.
> 
> The Nakheel Mall project will be built on the beachfront at the bottom of the trunk of the Palm Jumeirah at a cost of AED2.5bn.


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## unknownpleasures

http://www.arabianbusiness.com/nakheel-eyes-2016-opening-for-new-680m-mall--488720.html




> Nakheel eyes 2016 opening for new $680m mall
> 
> Dubai developer says Palm Jumeirah project will feature 200 shops, cinema, department stores
> By Andy Sambidge Friday, 8 February 2013 9:43 AM
> 
> Dubai developer Nakheel has revealed more details about a new AED2.5bn ($680m) retail, entertainment and hotel complex it plans to build on Palm Jumeirah.
> 
> Nakheel Mall is slated to be completed in 2016, Nakheel said in a statement.
> 
> The new development - part of Nakheel's retail expansion strategy - was endorsed by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum last weekend.
> 
> The indebted developer said Nakheel Mall is already drawing interest from global and local retailers.



:lol::lol::lol::lol:


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## True Blue

^^Does this make business sense? 

The Marina Mall has a larger catchment than PJ will have and yet the Marina Mall has fairly low footfall. Emaar have had to work hard to bring in customers to the Marina mall. How can Nakheel consider this relatively remote location to be commercially viable for a mall?

Sorry, I just saw that I put Nakheel and Commercially viable in the same sentence. :lol:


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## Parisian Girl

*Nakheel tenders for new Palm projects*



> on Feb 20, 2013
> 
> Developer Nakheel has issued tenders for its three recently-announced shopping and leisure schemes on Palm Jumeirah.


http://www.constructionweekonline.c...l-tenders-for-new-palm-projects/#.USVAUKVBJik


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## True Blue

*Dubai's Nakheel too aggressive, says Emaar boss*

http://www.arabianbusiness.com/duba...sive-says-emaar-boss-489843.html#.USvLTzDOuSo

Interesting quote by Alabbar that Nakheel could pay off its debt in 15-20 years.


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## Parisian Girl

*Dubai’s Nakheel to build more flats and restaurants on The Palm*



> Lucy Barnard | Feb 26, 2013
> 
> 
> 
> 
> 
> 
> 
> 
> 
> The planned Azure Residences on Palm Jumeirah. Courtesy Nakheel
> 
> Nakheel is set to build a 10-storey block of flats and nine restaurants on Palm Jumeirah, the Dubai-based developer said yesterday.


http://www.thenational.ae/thenation...-build-more-flats-and-restaurants-on-the-palm


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## Parisian Girl

*Dubai's Nakheel repays more cash to lenders*



> By Daniel Shane | Tuesday, 26 February 2013 5:06 PM
> 
> 
> 
> 
> 
> 
> 
> 
> 
> Nakheel chairman Ali Rashid Lootah.
> 
> Dubai's Nakheel, the developer behind the emirate's manmade Palm Jumeirah, said on Tuesday it had repaid an additional AED206m (US$56m) to creditors as part of its debt restructuring.


http://www.arabianbusiness.com/dubai-s-nakheel-repays-more-cash-lenders-491039.html#.US62VjCFUfY


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## Parisian Girl

*Four new tenders released by developer Nakheel*



> by Stuart Matthews on Mar 28, 2013
> 
> Dubai developer Nakheel released four new tenders yesterday.
> 
> All four tenders are due by April 10. They cover FM, MEP and some infrastructure work at four of the developer's properties.


http://www.constructionweekonline.c...s-released-by-developer-nakheel/#.UVTXThxBJik


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## Parisian Girl

*MBR city will take ten years, says Nakheel CEO*



> by Courtney Trenwith on Apr 7, 2013
> 
> Mohammed bin Rashid City, a planned multi-billion dollar development in Dubai, will be built over a decade, according to the new boss of government-owned developer Nakheel.


http://www.constructionweekonline.c...take-ten-years-says-nakheel-ceo/#.UWMTUJN01ik


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## Parisian Girl

*Nakheel wins Sao Paolo The World island dispute*



> By Andy Sambidge | Sunday, 7 April 2013 2:39 PM
> 
> Nakheel on Sunday said that it has won a legal case against a development company which was seeking to renege on an agreement to buy an island on The World project.


http://www.arabianbusiness.com/nakheel-wins-sao-paolo-world-island-dispute-496885.html


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## Parisian Girl

*Nakheel net profit rises 36% to Dh491m*



> By Deena Kamel Yousef, Staff Reporter Published: 16:07 April 17, 2013
> 
> Dubai: Nakheel reported a 36 per cent increase in its first quarter net profit to Dh491 million, boosted by unit deliveries and growth in its retail, leasing and leisure segments, it said in a statement yesterday.


http://gulfnews.com/business/property/uae/nakheel-net-profit-rises-36-to-dh491m-1.1171711


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## Parisian Girl

*Nakheel inks $28m deal at Jumeriah Village Circle*



> on May 13, 2013
> 
> Nakheel has awarded a contract for nearly AED106m ($28.8m) to United Engineering Construction LLC (UNEC) for the construction of 90 homes at its Jumeirah Village Circle Villas project.


http://www.constructionweekonline.c...deal-at-jumeriah-village-circle/#.UZEf_bV01ik


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