Nakheel PJSC, Dubai’s biggest developer, plans to start its first new project on the Palm Jumeirah artificial island since the company received a government bailout in 2009.
The Pointe at Palm Jumeirah will include shops, computer- controlled fountains, a marina and a public walk on the tip of the palm-shaped island, Chairman Ali Rashed Lootah said at a press conference today. Nakheel is in talks with banks to raise at least 300 million dirhams ($82 million) for the project, which will be operated by the company when it’s completed.
“The retail sector is strategic for Nakheel,” Lootah said, adding the company is looking to increase its sources of recurring income.
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