Nakheel to restart work on six projects

The developer has reengaged with contractors.

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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.

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FEATURED COMMENT It's really a wonderful and good move made by Nakheel will certainly encourage all other developers to bring the constru   10 Comments Read more comments »

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.