Nakheel to start work on $680m Palm mall
Mall with hotel will be built alongside $220m leisure scheme The Point
Developer Nakheel ia to start work on a $680.7m (AED: 2.5bn) shopping mall on its Palm Jumeirah development, as well as a new $217.8m (AED: 800m) entertainment complex known as The Point.
The projects were announced yesterday following a visit to the company's headquarters by Dubai ruler HH Sheikh Mohammed bin Rashid Al Maktoum to review the firm's investment projects and approve the two new projects for immediate launch.
The Nakheel Mall development will be built close to the Al Ittihad Gardens park recently announced by the developer and The Atlantis hotel. It will be built on a one million ft2 site. Alongside the shopping space, it will contain a 200-room hotel, 200 hotel apartments and a sea-view restaurant.
Meanwhile, The Pointe will be built at the tip of the Palm on the opposite side of the bay to The Atlantis hotel.
It will contain shops, restaurants and cafes set around gardens in the bay.
In a message on his Twitter account yesterday, Sheikh Mohammed said: "Our development projects will not stop. The vision of our development will continue to expand and we will maintain the UAE's global position."
Last month, Nakheel announced a 57% increase in pre-tax profits for 2012 to $549m (AED: 2bn) as sales grew by 91% to $2.1bn (AED: 4.1bn).