Tuesday 8 October 2013

Dubai Nakheel to restart scaled-back palm-shaped island - Business News | The Star Online

Dubai Nakheel to restart scaled-back palm-shaped island - Business News | The Star Online:

"Dubai developer Nakheel will restart work on part of one of the three palm-shaped islands that came to symbolise the excesses of the emirate's boom years, the company chairman said, in a sign Dubai is bouncing back from its financial crisis.

Nakheel, which was taken over by the government as part of a $16 billion rescue plan completed in 2011, will change the manmade island group's name to Deira Island from Palm Deira, chairman Ali Rashid Lootah told reporters on the sidelines of Dubai's property exhibition show Cityscape.

Deira Island will have about 1,400 retail units and restaurants including a night market, plus a 250-room hotel, a 30,000 capacity amphitheatre and other attractions.

A company-supplied photo of the revamped project does not show any of the palm fronds that defined the original project's shape, indicating it will be significantly smaller than Palm Deira was envisaged."

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