Nakheel Awards Dhs375m Pointe Contract To Drake And Scull Unit

Dubai developer Nakheel has awarded a contract worth around Dhs375 million ($102 million) to Gulf Technical Construction Company (GTCC) to build The Pointe mall at Palm Jumeirah.

Nakheel expects GTCC – a subsidiary of Drake & Scull – to mobilise before the end of this month, the developer said in a statement.

The Pointe, a 136,000 square metre retail and entertainment complex, is set to come up at the tip of Palm Jumeirah, opposite Atlantis, and is due for completion in 2016.

Ground preparation work is complete and included vibro-compaction, topographic survey and factual site investigation work, Nakheel said late last year.

The Dhs800 million project features over 200 retail opportunities with a range of shopping, dining and entertainment facilities, including a fountain display.

The Pointe will be accessible by road and via the Palm monorail system, which will soon be connected to the mainland tram system. Visitors can also access the mall via water taxis from nearby hotels.

The Pointe is one of several new Nakheel developments underway at Palm Jumeirah. Others include Nakheel Mall, The Boardwalk and Palm West Beach.

Nakheel, which reported a 27 per cent rise in 2013 net profit to reach Dhs2.57 billion, recently revealed plans to launch new projects worth between Dhs6 to Dhs8 billion in 2014.

“The new projects will come up in areas where we already have infrastructure in place so that we can minimise the spend and maintain healthy growth,” Nakheel chairman Ali Rashid Lootah told reporters.

They will include a mix of residential, retail and hospitality developments, he confirmed, with the first among them set to be announced within the first quarter of 2014.