Dubai's Nakheel to restart work on stalled island
Chairman says island will change name from Palm Deira to Deira Island
Dubai developer Nakheel will restart work on part of one of the three palm-shaped islands, the company chairman said.
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.
Nakheel will develop the main area and invite outside companies to develop other parts. It will issue tenders (with)in six months.