Tuesday, February 08, 2011

Nakheel resumes work on all its Dubai projects

Nakheel has begun work on all its projects in Dubai, it has been reported.

The Nakheel CEO, Chris O'Donnel, speaking to reporters in Dubai, mentioned that the contractors are back to work on all the projects. The first projects to be delivered to customers will be the portions of Jumeirah Park and Al Furjan during 2011 and 2012 respectively.

Chris agreed that the funding from the Dubai government has helped Nakheel to move forward. Nakheel received funds from Dubai Financial Support Fund in December to repay sukuk that had matured in January.

Chris also said that Nakheel was on target to issue sukuk during first quarter of 2011. Nakheel is also seeking re-structuring of $10.5bn with international creditors. Nakheel has no plans to issue IPOs.

Chris said that opening of the club in Jumeirah Islands were delayed as Nakheel was busy with debt re-structuring process. The club, worth Dh.10mn has been finally delivered to the community this week. This is the third club unveiled by Nakheel, apart from Jumeirah Gold Estates Club and Jebel Ali Recreational Club.
Nakheel also plans to launch two more clubs at the Palm Jumeirah soon.

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