Nakheel Properties

Nakheel (Arabic: نَـخٍـيْـل‎, palms or palm trees) is a property developer based in Dubai, United Arab Emirates. In November 2020, Naaman Atallah was appointed as its new chief executive officer.[3]

Nakheel PJSC
TypeGovernment owned
IndustryReal estate
Founded2000 (2000)
Headquarters
Dubai
,
United Arab Emirates
Key people
Naaman Atallah
Revenue AED 5.67 billion[1] (2017)
Number of employees
1,500[2]
SubsidiariesJumeirah Village, Nakheel Marinas, International City, Canal District, Jumeirah Islands, Al Warsan, Dragon Mart Complex, The Gardens, Nakheel Asset Management, The Palm Deira, Azure Residences, Veneto residence, Badrah, Golden Mile
Websitewww.nakheel.com

Portfolio

Nakheel has a portfolio of projects in Dubai across the residential, retail, hospitality and leisure sectors. Master developments include Palm Jumeirah, The World, Deira Islands, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Jumeirah Heights, The Gardens, Discovery Gardens, Al Furjan, Warsan Village, Dragon City, International City, Jebel Ali Gardens and Nad Al Sheba.

Nakheel's current and future retail project developments include Ibn Battuta Mall, Dragon Mart 1 and 2, Golden Mile Galleria, Nakheel Mall, The Pointe, Deira Mall, Deira Islands Night Souk, Warsan Souk, Al Khail Avenue, The Circle Mall and Nad Al Sheba Mall, as well as major extensions to Dragon Mart (renamed Dragon City) and Ibn Battuta Mall. The retail profile also includes several neighbourhood community centres.[4]

Ownership

On July 6, 2011, Dubai World’s board of directors announced that Nakheel's legal ownership would be transferred to the Government of Dubai upon completion of the company's financial restructuring.[5]

Financial performance

In the first quarter of 2017, Nakheel announced its highest annual net profits in the company’s history: AED4.96 billion in 2016 – a 13 per cent increase on the 2015 net profit of AED4.38 billion. Nakheel generated a net profit of AED955 million for the last quarter of 2016 – up 22 per cent on the AED781 million posted for the same period in 2015.[6]

New projects
  • Palm Jumeirah is said to be an artificial archipelago. It is developed by Nakheel Properties. It has been divided into many clusters which consist of Villas and Apartments. Palm Jumeirah is constructed on the coast of the Persian Gulf and has outstretched itself till Dubai shoreline. Palm Jumeirah is the smallest island of the trilogy constructed in the Persian Gulf that is Palm Deira and Palm Jebel Ali. Most of the luxurious apartments of Palm Jumeirah are located right in front of the ocean that provides a heavenly beach home for its residents. The area is given a shape of a palm tree with a crescent-shaped water barrier which holds a symbolic importance in the real estate market of Dubai.
  • Palm 360 is a twin-tower luxury hotel, apartment and penthouse complex on Palm Jumeirah’s western crescent.[7]
  • The Palm Tower is a 52-storey, 220 metres (720 feet) tall luxury residential and hotel and complex under construction at the heart of Palm Jumeirah. St Regis hotel with 289 rooms occupying the first 18 floors and 502 luxury residences above.[8][9]
  • Part of Nakheel’s Palm West Beach complex, the St. Regis Beach Club will offer dining, leisure and fitness venues.[10]
  • Nakheel Mall is directly connected to The Palm Tower, with 350 shops, restaurants and entertainment outlets including Waitrose and VOX Cinemas.[11]
  • The Pointe is a new waterfront dining and retail complex under construction at the tip of Palm Jumeirah, across the bay from Atlantis. The Pointe features 145 restaurants and shops and a 1.5  km promenade.[12]
  • Deira Islands, a mixed-use waterfront development, comprising four man-made islands is situated adjacent to Dubai's Deira district. Deira Islands[13] features the Deira Islands night Souk, the upcoming Deira Mall, Deira Towers and the Boulevard.[14]
  • The Palm Promenade is a walkable beach, park, retail and café complex. Stretching 1.5 kilometres (0.93 miles) along the island's trunk, with new walkways and road crossings connecting the area’s 30 apartment buildings with Al Ittihad Park, Palm West Beach and the growing number of retail, dining and entertainment facilities on The Palm.[15]
  • The Palm Gateway is a triple-tower residential, retail and beach club complex located at the entrance to Palm Jumeirah. 1,265 luxury homes across three high-rise buildings, to be constructed on top of the existing Palm Monorail terminal, which includes 14 levels of parking spaces. Apartments range from one to three bedrooms.[16]
  • Palm West Beach is a new beach destination for Palm residents and visitors, stretching 1.5 km (0.93 mi) along the western trunk of Palm Jumeirah. Palm west Beach features a shaded park and promenade with retail kiosks, children's play areas and waterfront restaurants.[17]
  • The Boardwalk is a destination for fitness, leisure, shopping and dining, covering the entire 11 km (6.8 mi) length of Palm Jumeirah's protective crescent.[18]
  • Dragon Towers Dubai's Residential Twin Tower is part of Nakheel's ongoing retail, hospitality and residential expansion at Dragon City, which is already home to Dragon Mart 1, Dragon Mart 2 and an ibis Styles hotel. A second hotel is currently under construction.[19]

Property supply

In 2017, Nakheel delivered 28 units, all of them are located in Al Barsha South Fourth in Dubai.

References
  1. "Dubai Media Office Press Release". January 31, 2018.
  2. https://www.bloomberg.com/profile/company/840705Z:UH
  3. "Dubai developer Nakheel appoints new CEO". Arab News. 2020-11-23. Retrieved 2020-11-23.
  4. "Communities". www.nakheel.com. Retrieved 2017-03-12.
  5. "Dubai Government to take over Nakheel and Limitless". Dubaichronicle.com. 2011-07-06. Retrieved 2015-04-23.
  6. "Nakheel declares highest annual net profit in its history at AED4.96 billion in 2016". www.nakheel.com. Retrieved 2017-03-12.
  7. "Nakheel unveils ultra-luxury, 12,000 sq ft penthouses at Palm 360 on Dubai's Palm Jumeirah".
  8. "The Palm Tower". thepalmtower.com. Retrieved 2017-03-13.
  9. The Palm Tower
  10. "Nakheel brings St. Regis branded Beach Club to Dubai's Palm Jumeirah". www.nakheel.com. Retrieved 2017-03-12.
  11. "Nakheel Mall". www.nakheel.com. Retrieved 2017-03-12.
  12. "The Pointe". www.nakheel.com. Retrieved 2017-03-12.
  13. "Deira Island Boulevard by Nakheel. Off plan property for sale in dubai. Call-Zain: +971 55 2709717". www.offplan-emirates.ae. Retrieved 2017-04-27.
  14. "Nakheel reaches new heights with AED5 billion, 20-tower community at Deira Islands". www.nakheel.com. Retrieved 2017-03-12.
  15. "Nakheel's Palm Promenade on parade at Cityscape Global". www.nakheel.com. Retrieved 2017-03-12.
  16. "Nakheel awards AED1.4 billion contract to build The Palm Gateway triple tower and beach complex". www.nakheel.com. Retrieved 2017-03-12.
  17. "Nakheel inks design and engineering contracts worth AED46 million for Deira Islands Mall and Palm West Beach". www.nakheel.com. Retrieved 2017-03-12.
  18. "Nakheel serves up a truckload of treats at The Boardwalk at Palm Jumeirah". www.nakheel.com. Retrieved 2017-03-12.
  19. "Dragon Towers Dubai". Archived from the original on 2018-09-29. Retrieved 2018-09-29.
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