Nakheel Inks Dhs46m Contracts For Palm West Beach, Deira Islands Mall

Dubai developer Nakheel has officially signed design and engineering contracts worth Dhs46 million for two of its major developments, it said in a statement on Wednesday.

The developer awarded a Dhs6 million contract for Palm West Beach, Nakheel’s new 15.3 kilometre beachside park, dining and entertainment complex to be built on Palm Jumeirah’s western trunk to RSP Architects, Planners and Engineers.

Nakheel also confirmed that it has signed the deal with the firm for a 620,000 square metre mall in its Deira Islands project.

Tenders for the construction of both projects are expected to be released before the end of 2014.

Both developments are part of Nakheel’s growing retail portfolio.

Deira Islands Mall is billed to become one of the main attractions in Nakheel’s new Deira Islands development. It will have more than 200,000 square metres of leasable space, hundreds of shops, cinemas, cafes and restaurants.

The project will add 40 kilometres, including 21 kilometres of beachfront to Dubai’s coastline and include tourism, leisure and residential developments including hotels, resorts, serviced apartments, mixed-use buildings and waterside homes.

Palm West Beach, in Palm Jumeirah, is a high-end beach club facility featuring a shaded park and promenade, 14 waterfront restaurants, lounge, gym and entertainment terrace.

Aside from the new club, Nakheel is also ramping up its residential, retail and leisure options in its Palm Jumeirah development with projects such as Nakheel Mall, The Pointe, The Boardwalk, Palma Residences, Azure Residences, Club Vista Mare and Palm Views.

Nakheel posted a net profit of Dhs1.85 billion in the first half of this year, up 54 per cent compared to Dhs1.2 billion in the first half of 2013.

Strong revenue from property development along with improving performance in Nakheel’s retail, leasing and leisure businesses contributed to these results, the company said.