Sheikh Mohammed approves $898 mn Nakheel projects

Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum has ordered work to start on two major Nakheel projects on the Palm Jumeirah, local news agency WAM reported. 

The two projects - Nakheel Mall and the Pointe - will cost AED 3.3 bn ($898 mn).

Sheikh Mohammed gave the directive after being briefed about the projects by Nakheel chairman, Ali Rashid Lootah.

Nakheel Mall will stretch across one million square feet of land and will be built on the beachfront at the bottom of the trunk of the Palm Jumeirah at a cost of AED 2.5 bn ($680 mn).

The Pointe project, overlooking the Jumeirah Beach hotel and the Atlantis resort, will include shops, computer-controlled fountains, a marina and a public walk way on the tip of the palm-shaped island. The estimated cost of the project is AED 800 mn ($218 mn).

‘EXCELLENCE FOREVER’

Sheikh Mohammed approved the engineering designs and instructed the addition of new attractive elements to woo tourists and investors from around the world, the WAM report said.

"We want Dubai to be on top in all of its projects because excellence remains forever," he was quoted as saying.

Indebted Dubai property developer Nakheel announced a 57% profit surge to AED 2.017bn ($549 mn) for the year ending December 31, 2012.

The company also saw revenues come in at AED 7.8 bn ($2.1 bn), up 91% over the same period.