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FINANCIAL NEWS
Nakheel relaunches work on Dubai projects
13 Nov 2010
(MENAFN) Dubai property developer Nakheel said it was restarting construction work at two luxury housing projects in the country, one of the United Arab Emirates.
Nakheel is the flagship property arm of the Dubai World conglomerate, whose debt restructuring has been at the heart of Dubai’s economic troubles.
The emirate’s once-booming property market was hit hard by the financial crash as property prices fell around 60 percent and billions of dollars worth of projects were put on hold or cancelled.
A statement said Nakheel had recommenced work on a section including 523 villas and terraced homes at Al Furjan with construction firm Arabtec, to be delivered in the first quarter of 2012.
It also said work had restarted on 525 four-bedroom villas in Jumeirah Park with Pauling Middle East, for delivery in the second quarter of 2012, and 289 three-bedroom villages with Al Huda Contracting, for delivery at the end of next year.
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