Nakheel will launch six new developments worth more than Dh3.2 billion next week, the company said on Monday.
The Palm Jumeirah developer said that it would unveil plans for six new residential, retail and hospitality buildings at four of its communities in Dubai, bringing the company's total investment for the year to Dh14.2bn.
“We continue to deliver and diversify in line with government goals and our own business strategy,” said Ali Lootah, Nakheel chairman. “And while development remains our core business, we are focusing on growing our hospitality, retail and leasing divisions by creating a range of new hotels, resorts, food and beverage destinations, malls and tourists attractions across the city.”
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The developer currently has Dh50bn worth of projects under construction, and expects to award construction contracts amounting to Dh12bn by the end of the year.
Nakheel said that there had been an upturn in sales of ready properties, off-plan and land plots over the past few months; however, the company in July reported a 10.5 per cent decline in its first half net profit.
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Cheaper new homes drag down prices in Dubailand
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While the developer did not give a reason for the downturn, apartment sales prices in Dubai as a whole fell by 3 per cent year-on-year over the second quarter, according to property management company Asteco.
The fall was partly attributed to an increase in affordable projects and completions, with many of Dubai's largest developers turning their focus to middle-income investors.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
The biog
Name: Abeer Al Bah
Born: 1972
Husband: Emirati lawyer Salem Bin Sahoo, since 1992
Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old
Education: BA in Elementary Education, worked for five years in a Dubai school
The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
ESSENTIALS
The flights
Emirates flies direct from Dubai to Rio de Janeiro from Dh7,000 return including taxes. Avianca fliles from Rio to Cusco via Lima from $399 (Dhxx) return including taxes.
The trip
From US$1,830 per deluxe cabin, twin share, for the one-night Spirit of the Water itinerary and US$4,630 per deluxe cabin for the Peruvian Highlands itinerary, inclusive of meals, and beverages. Surcharges apply for some excursions.
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
