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m Migration of Nakheel Properties from being a standalone entity to being a subsidiary of Dubai Holding
 
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{{Short description|Property development company in Dubai}}
{{Infobox Company
{{Infobox company
| company_name = Nakheel Properties
| name = Nakheel Properties <!-- PJSC -->
| company_logo = [[Image:The Nakheel Logo.jpg|100px]] |
| logo = Nakheel Brandmark Dual RGB DeepNavy.jpg
| vector_logo =
| image =
| company_type = [[Public limited company|Public]] ({{lse|HSBA}}, {{sehk|005}}, {{nyse|HBC}}, {{euronext|HSBC}}, {{BSX|1077223879}})
| genre =
| image_caption =
| type = [[State-owned enterprise|Government owned]]
| foundation = [[Dubai]] (1990)
| traded_as =
| founder = [[]]
| founder =
| location_city = [[ Dubai| Dubai]],
| key_people = {{Unbulleted list
| location_country = United Arab Emirates
| Amit Kaushal (CEO)
| location =
| [[Ahmed bin Saeed Al Maktoum]] (chair)
| origins =
}}
| key_people = [[Sheikh Sultan Ahmed Bin Sulayem]] (Executive Chairman),
| industry = [[Real estate]]
[[Maurice Flanagan]] [[Chris O'Donnell ]] (Chief Executive Officer )|
| genre =
| area_served = 87 Countries
| products =
| industry = [[ Industry]]
| products = [[Airline Services]]
| services = [[Property development]]
| revenue = {{increase}} [[United Arab Emirates dirham|AED]] 5.67&nbsp;billion<ref>{{cite web | url=http://www.mediaoffice.ae/en/media-center/news/31/1/2018/nakheel.aspx | title=Dubai Media Office Press Release | date=31 January 2018 | location=UAE | publisher=[[Government of Dubai]] | work=Media Office | access-date=12 February 2018 | archive-date=6 February 2020 | archive-url=https://web.archive.org/web/20200206191426/https://www.mediaoffice.ae/en/media-center/news/31/1/2018/nakheel.aspx | url-status=dead }}</ref>
| revenue = {{profit}} $70.1 billion [[USD]] ([[2006]])
| revenue_year = 2017
| operating_income = {{profit}} $54.8 billion [[USD]] ([[2006]])
| operating_income =
| net_income = {{profit}} $15.8 billion [[USD]] ([[2006]])
| net_income =
| num_employees = 56,000
| assets =
| equity =
| owner = [[Government of Dubai]]
| num_employees = 1,500<ref name="bloomberg">{{cite web|url=https://www.bloomberg.com/profile/company/840705Z:UH | title=Nakheel PJSC | publisher=[[Bloomberg L.P.|Bloomberg]] | accessdate=26 May 2021 }}</ref>
| parent =
| divisions =
| subsid = [[Jumeirah]] Village, Nakheel Marinas, [[Dubai International City|International City]], Canal District, [[Jumeirah Islands]], [[Warsan]], Dragon Mart Complex, [[The Gardens, Dubai|The Gardens]], Nakheel Asset Management, [[Palm Deira]], Azure Residences, Veneto Residence, Badrah, Golden Mile
| footnotes =
| intl =
| foundation = {{start date and age|2003}}
| location_city = [[Dubai]]
| location_country = [[United Arab Emirates]]
| location =
| homepage = [https://www.nakheel.com/ www.nakheel.com]
}}
}}


'''Nakheel Properties''' ({{langx|ar|نَـخٍـيْـل|nakhīl|[[palm tree]]}}) is a [[real estate]] development company based in [[Dubai]], [[United Arab Emirates]].<ref>{{cite news| url=http://hdl.handle.net/2066/47223 | title=Booming Dubai. De olie voorbij | last=Jacobs | first=W.A.A. | work=Geografie. Vaktijdschrift voor Geografen | year=2005 | volume=8 | page= | pages=22–25 | hdl=2066/47223 | issn=0926-3837 }}</ref> The formal name of the company is '''Nakheel PJSC''' (private [[joint stock company]]) and it was a subsidiary of [[Dubai World]] and a private [[state-owned enterprise]].<ref name="clarified-by">{{cite web| url=https://clarifiedby.diligenciagroup.com/company/summary/4456-Nakheel-PJSC/ | title=Nakheel PJSC | website=ClarifiedBy.com | publisher=Diligencia Group | accessdate=4 October 2021 }}</ref><ref name="bloomberg" />


Nakheel was central to Dubai's debt crisis in 2009–2010.<ref name="Hughes-23Nov2010">{{cite news |last1=Hughes |first1=Jack |date=23 November 2010 |title=Dubai's towering ambitions turned out to be a mirage |work=Guardian |url=https://www.theguardian.com/business/2010/nov/23/dubai-one-year-after-crisis |access-date=6 December 2021}}</ref> The company has been reported to be the second-largest property developer in Dubai after [[Emaar Properties]].<ref name=":0">{{cite web| url=https://www.investasian.com/2019/03/07/dubai-property-developers/ | title=Top 10 Dubai Property Developers: A Complete Guide
'''Nakheel Properties''' ({{lang-ar|نخيل}} ''palm trees'') is a [[real estate developer]] in [[Dubai]] and creator of several [[land reclamation]] projects, including the [[Palm Islands]], the [[Dubai Waterfront]], and [[The World (archipelago)|The World]]. Its residential projects include Jebel Ali Gardens, International City, Jumeirah Islands and Jumeirah Lake Towers. Its shopping projects include the Dragon Mart (At International City) and [[Ibn Battuta Mall]]. Its main competitor in residential development in Dubai is [[Emaar_Properties|Emaar Properties]].
| first=Reid | last=Kirchenbauer | date=7 March 2019 | accessdate=14 August 2021 | work=Invest Asian }}</ref>


On March 16 2024 Nakheel, along with [[Meydan Racecourse|Meydan]], were merged into [[Dubai Holding]] and ceased to be a separate entity.<ref>{{Cite news |title=Mohammed bin Rashid mandates incorporation of Nakheel and Meydan into Dubai Holding under leadership of Ahmed bin Saeed Al Maktoum - Dubai Holding Website |url=https://dubaiholding.com/en/media-hub/press-releases/mohammed-bin-rashid-mandates-incorporation-of-nakheel-and-meydan-into-dubai-holding-under-leadership-of-ahmed-bin-saeed-al-maktoum/ |archive-url=http://web.archive.org/web/20240425120016/https://dubaiholding.com/en/media-hub/press-releases/mohammed-bin-rashid-mandates-incorporation-of-nakheel-and-meydan-into-dubai-holding-under-leadership-of-ahmed-bin-saeed-al-maktoum/ |archive-date=2024-04-25 |access-date=2024-12-17 |work=Dubai Holding Website |language=en-US}}</ref>


===Overview===
==History==
Nakheel was founded in 2003<ref name="clarified-by" /> as a subsidiary of state-owned [[Dubai World]] and a private [[state-owned enterprise]].<ref name="CBC News">{{cite news |title=Debt crisis puts spotlight on Dubai World |url=https://www.cbc.ca/news/world/debt-crisis-puts-spotlight-on-dubai-world-1.832960 |access-date=6 December 2021 |work=CBC News |date=27 November 2009}}</ref>
As Dubai is premier development company, Nakheel has changed the very texture of the city with landmarks of ingenuity, distinctive residential communities, unique retail offerings and unprecedented investment opportunities. With groundbreaking research and thought leadership, Nakheel's focus is on building icons that embody innovation and progress, creating a legacy of value for generations to come.


The company was involved with a [[sukuk]], which raised legal issues in 2009.<ref>{{cite news| url=https://www.ft.com/content/3dbe721e-7b0f-3c6f-ba18-71072c9a7a19 | title=Nakheel and the sukuk legal spook | first=Tracy | last=Alloway | newspaper=[[Financial Times]] | date=4 December 2009 }}</ref><ref>{{Cite news |date=2009-12-09 |title=Nakheel 09 debt hits record low, investors eye default |language=en |work=Reuters |url=https://www.reuters.com/article/dubai-nakheel-restructuring-idUKGEE5B81AB20091209 |access-date=2023-01-04}}</ref> This sukuk has been the subject of academic study.<ref>{{cite journal| title=Dubai Debt Crisis: A Legal Analysis of the Nakheel Sukuk | last=Salah | first=Omar | journal=[[Publicist (journal)|Publicist]] | volume=4 | issue=1 | year=2010 | pages=19–32 | url=http://heinonline.org/HOL/Page?handle=hein.journals/public4&div=5 }}</ref><ref>{{cite journal| title=Sukuk Nakheel: Case Study Of Islamic Finance Crisis | last=Benabderrahmane | first=Meryem | volume=117 | pages=126–129 | journal=مجلة المنارة للدراسات القانونية والإدارية | trans-journal=Al-Manara Journal of Legal and Administrative Studies | publisher=Dar AlMandumah | year=2019 | lang=ar | url=https://search.mandumah.com/Record/959093 }}</ref> It was reported to be the largest ever sukuk.<ref>{{cite journal| title=Largest sukuk ever | last1=Abraham | first1=Robin | last2=Long | first2=Shani | journal=[[International Financial Law Review]] | date=January 2007 | volume=26 | issue=1 | page=02626969 }}</ref><ref>{{Cite news |date=2010-03-09 |title=Nakheel Bonds Rise as JPMorgan Sees Repayment at Par |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2010-03-09/nakheel-bonds-rise-as-jpmorgan-sees-repayment-at-par-update2- |access-date=2023-01-04}}</ref>
With more than 1200 employees, Nakheel currently has 16 major projects worth more than US$30 billion under development. Nakheel’s portfolio includes the iconic and internationally acclaimed waterfront developments The Palm, The World and Dubai Waterfront. Once complete, Nakheel’s developments will add more than 1,000 km of beachfront to the Dubai coastline, and all its projects spread across more than 2 billion sq ft.


In 2010, Sultan Ahmed bin Sulayem was replaced as chairman of Dubai World.<ref>{{cite news| url=https://www.wsj.com/articles/SB10001424052748703426004575338412005519080 | title=Dubai Replaces Nakheel Chairman | first1=Stefania | last1=Bianchi | first2=Mirna | last2=Sleiman | newspaper=[[The Wall Street Journal]] | date=31 March 2010 }}</ref><ref>{{Cite web |title=Bin Sulayem exit ends tumultuous era |url=https://www.ft.com/content/b722858a-06ec-11e0-8c29-00144feabdc0 |access-date=2023-01-04 |website=www.ft.com}}</ref> The same year, the company started payments for creditors.<ref>{{cite news| url=https://www.wsj.com/articles/SB10001424052702304739104575153301109960716 | title=Nakheel Starts Payments to Creditors | first=Stefania | last=Bianchi | newspaper=[[The Wall Street Journal]] | date=30 June 2010 }}</ref> In 2011, the company undertook 59 billion dirham ($16 billion) of [[debt restructuring]].<ref>{{cite news| url=https://www.ft.com/content/3e78014a-ce57-11e0-99ec-00144feabdc0 | title=Nakheel completes debt restructuring | first=Camilla | last=Hall | newspaper=[[Financial Times]] | date=24 August 2011 }}</ref> On 6 July 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.<ref>{{cite web| url=http://www.dubaichronicle.com/2011/07/06/dubai-government-to-take-over-nakheel-and-limitless/ | title=Dubai Government to take over Nakheel and Limitless | work=DubaiChronicle | date=6 July 2011 | access-date=14 August 2021 }}</ref><ref>{{Cite news |title=Dubai World shifts Nakheel, Limitless ownership to gov't |work=Arabian Business |url=https://www.arabianbusiness.com/industries/real-estate/dubai-world-shifts-nakheel-limitless-ownership-gov-t-408892 |access-date=2023-01-04}}</ref> In 2012, the company was the subject of a study by the [[American University of Sharjah]] on [[corporate governance]] along with [[Tamweel]].<ref>{{Cite journal |last1=Alkafaji |first1=Yass |last2=Majdalawieh |first2=Munir |date= |title=Corporate Governance and Internal Audit in the United Arab Emirates (UAE) |url=https://dspace.aus.edu:8443/xmlui/handle/11073/8646 |journal=AUS |language=en-US |issn=0897-0378}}</ref>


In 2013, the ruler of Dubai, Sheikh [[Mohammed bin Rashid Al Maktoum]], approved US$898 million of funding for the company and ordered work to start on two major projects on the [[Palm Jumeirah]].<ref>{{cite magazine| url=https://www.arabianbusiness.com/dubai-ruler-approves-898m-nakheel-projects-488045.html | title=Dubai ruler approves $898m Nakheel projects | first=Andy | last=Sambidge | magazine=[[Arabian Business]] | date=2 February 2013 }}</ref><ref>{{cite web| url=https://www.britannica.com/topic/Nakheel | title=Nakheel – Emirian real-estate company | website=[[Britannica]] | accessdate=4 October 2021 }}</ref> In 2017, the company achieved $1 billion net profit in nine months, delivering 1,200 units with 23,000 under construction in Dubai.<ref>{{cite news| url=https://www.constructionweekonline.com/business/article-46889-dubais-nakheel-records-1bn-net-profit-in-9m-2017 | title=Dubai's Nakheel records $1bn net profit in 9M 2017 | first=Neha | last=Bhatia | date=26 October 2017 | work=Construction Week | accessdate=14 August 2021 }}</ref> The same year (2017), Nakheel awarded a $410 million contract for the Palm Gateway to the company [[Shapoorji Pallonji]] Mideast to construct a three-tower residential, retail, and beach club complex.<ref name="palm-gateway">{{cite news| url=https://www.constructionweekonline.com/projects-tenders/article-44375-nakheel-awards-410m-contract-for-the-palm-gateway | title=Nakheel awards $410m contract for The Palm Gateway |first=Fatima | last=De La Cerna | date=14 May 2017 | accessdate=14 August 2021 | work=Construction Week }}</ref><ref>{{Cite news |title=Dubai's Nakheel awards $410m deal to build Palm Gateway project |work=Arabian Business |url=https://www.arabianbusiness.com/gcc/dubai-s-nakheel-awards-410m-deal-build-palm-gateway-project-673835 |access-date=2023-01-04}}</ref>
==Divisions==


In January 2020, [[Mohammed Ibrahim Al Shaibani]] took over as chairman from [[Ali Rashid Lootah]].<ref>{{cite news| title=Mohammed Ibrahim Al Shaibani takes over as Nakheel Chairman | url=https://gulfnews.com/business/mohammed-ibrahim-al-shaibani-takes-over-as-nakheel-chairman-1.1579587624589 | date=21 January 2020 | newspaper=[[Gulf News]] | language=en}}</ref><ref>{{cite news| title=Mohammed Ibrahim Al Shaibani takes over as Nakheel Chairman | url=https://www.businesstimes.com.sg/real-estate/chairman%C2%A0of-dubai-state-owned-developer-nakheel-to-leave | date=21 January 2020 | newspaper=[[Business Times (Singapore)|The Business Times]] | location=Singapore | language=en}}</ref> In May 2020, it was reported that some employees' salaries were cut between 30 and 50 percent for senior staff due to the [[COVID-19 pandemic]].<ref>{{cite news |date=6 May 2020 |title=Covid-19: Nakheel cuts some salaries by as much as 50% |language=en |magazine=[[Arabian Business]] |url=https://www.arabianbusiness.com/politics-economics/446245-covid-19-nakheel-said-to-cut-some-salaries-by-as-much-as-50 |access-date=14 August 2021}}</ref> In November 2020, Naaman Atallah was appointed as the company's [[chief executive officer]].<ref>{{cite news| title=Dubai developer Nakheel appoints new CEO | url=https://arab.news/69gxx | first=Shane | last=McGinley | date=23 November 2020 | access-date=14 August 2021 | newspaper=[[Arab News]] |language=en}}</ref>
===Nakheel Retail===
A retail property division, Nakheel Retail provides planning, development and management services to the Dubai World group of companies. Nakheel Retail operates under the Nakheel name in order to capitalise on the property development company’s experience and expertise in the residential sector and to maximise the retail opportunities within its residential developments.
Projects currently being developed by Nakheel Retail include a significant retail development on The Palm Jumeirah, the roll out of local neighbourhood convenience malls within Nakheel’s numerous residential developments, and further large scale regional malls to support the future The Palm Jebel Ali, Dubai Waterfront, and The Palm Deira projects.
The retail property business will oversee the management of the group’s premier shopping centre, the 140,000 square metre Ibn Battuta Mall, and will continue to review expansion opportunities for the popular mall. Nakheel Retail will also oversee the development of the Dubai Design Centre, planned as the region’s largest shopping destination for home furnishings, appliances, DIY products and designer homewares.


In September 2022, Nakheel rebranded, unveiled a new logo.<ref name="AB-25Sep2022">{{cite news |title=Nakheel unveils massive rebranding, major Palm Jebal Ali updates expected |url=https://www.arabianbusiness.com/industries/real-estate/nakheel-unveils-massive-rebranding-major-palm-jebal-ali-updates-expected |access-date=10 October 2022 |work=Arabian Business |date=25 September 2022}}</ref> The same month, the company also made announcements regarding previously frozen projects, including Palm Deira, which the company restarted in August 2022,<ref name="AB-25Sep2022" /> and which was renamed as Deira Islands, then changed to [[Dubai Islands]].
===Nakheel Asset Management===


After a $4.6 billion debt restructuring deal, Nakheel is set to relaunch the [[Palm Jebel Ali]] project, having stalled since 2008,<ref name="AB-28Sep2022">{{cite news |title=Nakheel to relaunch and rebrand Palm Jebel Ali |url=https://www.arabianbusiness.com/money/wealth/money-wealth-real-estate/nakheel-to-relaunch-and-rebrand-palm-jebel-ali |access-date=10 October 2022 |work=Arabian Business |date=28 September 2022}}</ref><ref>{{Cite web |last=Oxborrow |first=Ian |date=2022-10-20 |title=Dubai property deal worth $163m closed as Palm Jumeirah prices continue to spiral upwards |url=https://www.thenationalnews.com/business/property/2022/10/20/dubai-property-deal-worth-163m-closed-as-palm-jumeirah-prices-continue-to-spiral-upwards/ |access-date=2023-01-04 |website=The National |language=en}}</ref> building 1,700 villas and 6,000 apartments on the man-made islands,<ref name="Kerr-27Sep2022">{{cite news |last1=Kerr |first1=Simeon |date=27 September 2022 |title=Dubai developer Nakheel nears $4.6bn debt restructuring to fund expansion |work=Financial Times |url=https://www.ft.com/content/dd52c706-6d99-47a8-9d04-0b5e1d6cb6f9 |access-date=10 October 2022}}</ref> having previously contacted existing investors offering to buy back their contracts for plots and properties.<ref name="Kerr-21Aug2022">{{cite news |last1=Kerr |first1=Simeon |title=Dubai looks to restart mothballed luxury developments for wave of wealthy incomers |url=https://www.ft.com/content/55df051a-45d7-4bff-bc2d-74d27388b1e3 |access-date=10 October 2022 |work=Financial Times |date=21 August 2022}}</ref><ref>{{Cite news |last=Sayegh |first=Hadeel Al |date=2022-11-08 |title=Dubai Palm Island developer gets $4.6 bln funding for new waterfront projects |language=en |work=Reuters |url=https://www.reuters.com/business/dubai-developer-nakheel-secures-17-billion-dirhams-financing-2022-11-08/ |access-date=2023-01-04}}</ref><ref>{{Cite news |last=Cahill |first=Helen |date=2022-08-26 |title=Dubai's abandoned palm islands rise again as Gulf rides oil and gas wave |language=en-GB |work=The Telegraph |url=https://www.telegraph.co.uk/business/2022/08/26/dubais-abandoned-palm-islands-rise-gulf-rides-oil-gas-wave/ |access-date=2023-01-04 |issn=0307-1235}}</ref>
A customer focused division, Nakheel Asset Management exists to manage the operations, infrastructure and community facilities on behalf of the people who own and live in Nakheel communities.


== Financial crisis of 2007–2008 ==
NAM facilitates the transition handover process and provides a continuous quality community management service to owners and residents of these communities. The many faces of NAM include a leasing department, an infrastructure and facilities management team, community management staff and a dedicated owners’ association management department.
Nakheel prospered until the [[financial crisis of 2007–2010]] started a decline in Dubai's real estate market, putting Dubai World at risk of bankruptcy in November 2009.<ref name="CBC News" /> After write-downs of real estate values and lower sales, Nakheel had made a loss of 13.4bn dirham ($3.65 billion) in the first half of 2009,<ref name="Moya-08Dec2009">{{cite news |last1=Moya |first1=Elena |date=8 December 2009 |title=Six Dubai companies downgraded to junk status |work=Guardian |url=https://www.theguardian.com/business/2009/dec/08/dubai-companies-downgraded-rating-action |access-date=6 December 2021}}</ref> and despite a cash bail-out in May,<ref>{{cite news |last=Kerr |first=Simeon |date=11 May 2009 |title=Dubai's Nakheel receives bail-out cash |newspaper=[[Financial Times]] |url=https://www.ft.com/content/b5a43314-3e04-11de-9a6c-00144feabdc0}}</ref> the company sought to delay the December repayment of a $3.5 billion bond. This happened because Dubai's government refused to bail out Nakheel's parent company,<ref name="Moya-08Dec2009" /><ref name="Hargreaves-13Dec2009">{{cite news |last1=Hargreaves |first1=Deborah |date=13 December 2009 |title=Fears rise over bond debt of Dubai World's property arm |work=Guardian |url=https://www.theguardian.com/business/2009/dec/13/dubai-world-debt-fears |access-date=6 December 2021}}</ref> due to which it requested a stay on debt payments, and consequently, it was downgraded to junk status.<ref>{{cite news |last=Thomas Jr. |first=Landon |date=25 November 2009 |title=Dubai Fund Asks for Stay on Debt Payments |newspaper=[[The New York Times]] |url=https://www.nytimes.com/2009/11/26/business/global/26dubai.html}}</ref> However, on 14 December 2009, in the nick of time, neighbouring Abu Dhabi invested $10bn in Dubai, warding off Nakheel's debt default,<ref name="Teather-14Dec2009">{{cite news |last1=Teather |first1=David |date=14 December 2009 |title=Relief for world markets as Abu Dhabi throws $10bn lifeline to Dubai |work=Guardian |url=https://www.theguardian.com/business/2009/dec/14/abu-dhabi-throws-10bn-lifeline-to-dubai |access-date=6 December 2021}}</ref> and in March 2010, the government of Dubai rescued Dubai World, providing $9.5bn to help ensure Nakheel bond-holders would be paid on time and in full.<ref name="Moya-25Mar2010">{{cite news |last1=Moya |first1=Elena |date=25 March 2010 |title=Dubai World saved by $9.5bn rescue package |work=Guardian |url=https://www.theguardian.com/business/2010/mar/25/dubai-world-debt |access-date=6 December 2021}}</ref> The move was seen as key to resolving Dubai's debt crisis: "Fix Nakheel, and you go a long way to fixing Dubai real estate; fix real estate, and you fix Dubai," said Aidan Burkitt, hired from [[Deloitte]] to be Dubai World's chief restructuring officer.<ref name="Hughes-23Nov2010" />


==Portfolio==


[[File:Palm Jumeirah Model on 12 January 2008 Pict 1.jpg|thumb|A model of [[Palm Jumeirah]] at the Nakheel Sales Centre in 2008]]
NAM managed communities currently include The Palm Jumeirah, Jumeirah Islands, The Gardens and International City. In the near future, NAM will also take on the management of Discovery Gardens. A rapidly growing division of Nakheel, by the end of 2007 NAM will manage communities comprising over 63,000 apartments, townhouses and villas, home to over 300,000 residents, the latter is set to grow to in excess of 2 million residents upon the completion of Nakheel’s current construction program.
Nakheel Properties has a portfolio of projects in Dubai across the residential, retail, hospitality and leisure sectors. Property development projects include:


Naya 3<ref>{{Cite web |last=Investment |first=My Off Plan |date=27 March 2024 |title=Naya 3 at District One by Nakheel Properties |url=https://myoffplaninvestment.com/property/naya-3-at-district-one-by-nakheel-properties/ |access-date=27 March 2024 |website=My Off Plan Investment}}</ref>
===Nakheel Travel===


{{div col|colwidth=15em}}
Originally established in 2003 as the in-house travel service company for the Ports Customs & FreeZone Corporation, Nakheel Travel has leveraged the success of Dubai’s emergence as a world-class tourism destination and is now a fully accredited travel agency and a one-stop shop for the travel needs of the public, offering airline tickets, hotels, car rentals, holiday packages, cruises and travel insurance.
* [[Al Furjan]]
* [[Culture Village]]
* [[Discovery Gardens]]
* Dragon City<ref>{{cite web| url=https://www.mediaoffice.ae/en/news/2018/6/AED169-million-third-expansion-takes-shape-at-Nakheel-s-Dragon-City- | title=AED169 million third expansion takes shape at Nakheel's Dragon City | date=12 June 2018 | location=UAE | publisher=[[Government of Dubai]] | work=Media Office | accessdate=15 August 2021 }}</ref>
* [[Dragon Mart]]
* [[Dubai International City]]
* [[Dubai Islands]]
* [[Dubai Maritime City]]
* [[Dubai Waterfront]]
* [[The Gardens, Dubai|The Gardens]]
* [[Ibn Battuta Mall]]
* [[Jebel Ali]] Gardens
* [[Jebel Ali Village]]
* [[Jumeirah Bay]]
* Jumeirah Heights
* [[Jumeirah Islands]]
* Jumeirah Park
* [[Jumeirah]] Village
* [[Lake Shore Towers]]
* [[Logo Islands]]
* [[Nad Al Sheba]]
* [[Nakheel Mall]]
* [[Nakheel Tower]]
* Palm Gateway<ref name="palm-gateway" />
* [[Palm Islands]]
* [[Palm Jebel Ali]]
* [[Palm Jumeirah]]
* Palm Tower<ref>{{cite web| url=https://meconstructionnews.com/9278/dubais-nakheel-awards-223m-palm-tower-contract-to-two-abu-dhabi-builders | title=Dubai's Nakheel awards $223m Palm Tower contract to two Abu Dhabi builders | first=Davina | last=Munro | date=4 October 2015 | work=ME Construction News | accessdate=14 August 2021 }}</ref>
* [[Trump International Hotel and Tower (Dubai)|Trump International Hotel and Tower]]
* [[The Universe (Dubai)|The Universe]]
* [[Warsan]] Village
* [[The World (archipelago)|The World]]
{{div col end}}


Retail project developments include [[Ibn Battuta Mall]], [[Dragon Mart]] 1 and 2, Golden Mile Galleria, [[Nakheel Mall]],<ref>{{cite web| url=https://www.mediaoffice.ae/en/news/2018/3/AED1-2-billion-Nakheel-Mall-85-per-cent-complete- | title=AED1.2 billion Nakheel Mall 85 per cent complete | date=5 March 2018 | location=UAE | publisher=[[Government of Dubai]] | work=Media Office | accessdate=15 August 2021 }}</ref> The Pointe, Deira Mall, Deira Islands Night Souk, Warsan Souk, Al Khail Avenue, The Circle Mall and Nad Al Sheba Mall, as well as extensions to Dragon Mart and Ibn Battuta Mall.{{Citation needed|date=March 2023}}
Nakheel Travel offers special packages and also caters to the needs of high value clients, providing personalised service from a professional team of multi-cultural and multi-lingual staff who pride themselves on the quality of service. The staff combines their excellent local and international knowledge with a broad global perspective in order to tailor each package to individual needs. A variety of special packages also ensure that Nakheel Travel features some of the most competitive offerings in the market.


Nakheel has also developed properties outside Dubai, in [[Montenegro]] for example.<ref>{{cite news| url=https://gulfbusiness.com/dubais-nakheel-offers-montenegro-citizenship-on-waterfront-residences-at-porto-montenegro/ | title=Dubai's Nakheel offers Montenegro citizenship on waterfront residences at Porto Montenegro | first=Zainab | last=Mansoor | date=21 September 2021 | magazine=[[Gulf Business]] }}</ref>
The Head Office of Nakheel Travel is located on Sheikh Zayed Road, with 3 additional branches located in JAFZA, the Customs Building in Port Rashid and The Palm Sales Office.


==See also==
* [[List of largest corporate profits and losses]]


==References==
=Developments=
{{Reflist}}
===Arabian Canal===
Arabian Canal will transform Dubai, bringing water to the desert and turning barren areas into prosperous communities, districts and neighbourhoods. A massive engineering marvel, Arabian Canal will become a premier amenity in Dubai and change the way Dubai is lived, experienced and enjoyed.
===Discovery Gardens===
Inspired by garden living, Discovery Gardens is an exceptional residential community located in the Jebel Ali. Consisting of 26 million square feet and more than 26,000 spacious apartments of various sizes, Discovery Gardens is also located next to Nakheel's Ibn Battuta Mall, a retail and entertainment destination.
===Dubai Waterfront===
Located in Jebel Ali, Dubai Waterfront is the largest waterfront development in the world. A mix of residential, business, tourism, entertainment and culture, this 1 billion square foot destination is the result of an international consortium of architects, planners and urban developers, all coming together to shape an unparalleled investment opportunity, and the next generation destination.
===The Gardens===
A family-oriented residential community located next to Jebel Ali Village, The Gardens is spread over 220 hectares. The first phase was completed in 2003 and is home to 10,000 residents. Set within lush green surroundings, The Gardens is designed for a lifestyle of convenience and functionality: with a football field, tennis courts, swimming pools, basketball courts and volleyball courts, a clinic, a school, 24 hour 'on-call' centre maintenance and security patrols, and Ibn Battuta Mall a mere walk away.
===Ibn Battuta Mall===
Ibn Battuta Mall is a shopping destination unlike any other. It is themed around the travels of renowned 14th century Arabian explorer, Ibn Battuta. The architecture within the mall's six courts reflects the most influential places Ibn Battuta traveled during his time, providing mall visitors an invaluable glimpse into the past. This tremendous experience is unique to all visitors and has already featured many exciting events ranging from festivals and exhibitions to special offers and shows for all ages.
===Dragon Mart Complex===
Located within International City, another world-class Nakheel development, Dragon Mart is considered the largest trading hub for Sino products outside mainland China. It is spread over an area of 150,000 square meters in addition to 30,000 square meters of warehouses. For the first time in the region, the development offers customers from the Middle East a wide range of Chinese goods and commodities, both wholesale and retail, all under one roof.
===Dubai Design Centre===
The Dubai Design Centre is an exclusive mega-centre for traders and retailers offering a complete range of home furnishing, design, gardening and construction solutions. Helping meet the demands of Dubai's growing population, and serving clients purchasing properties in the Emirate and beyond, Dubai Design Centre will spread over an area of 12 million square feet.
===Jumeirah Islands===
Nakheel brings a waterfront community to the heart of the desert with Jumeirah Islands, a 300 hectare residential development created with families in mind. Here, an array of home types are surrounded by lush landscaping, winding canals, dynamic waterfalls and lagoons, all located in Dubai's most prestigious district.
===Jumeirah Village===
Set amidst luscious landscaping and unsurpassed leisure and lifestyle amenities, Jumeirah Village encompasses more than 6,000 spaciously constructed villas and townhouses and will include international schools, town and country clubs, a community centre, jogging and cycling trails, sports and leisure facilities, medical facilities, and around the clock security - all providing peace of mind and a real sense of community.
===Jumeirah Park===
Located at the heart of Dubai's most desirable residential district, Jumeirah Park is a secure, integrated and family orientated residential community spreading over 350 hectares. The community combines well crafted villas with the richness of expansive parks, eco-friendly green spaces and family orientated amenities.
===The Lost City===
The Lost City is a residential development inspired by famed cities in Arabian history, and combines this with the best of modern amenities. The development will be located in a 560 hectare area in Jebel Ali, at the intersection of the Ibn Battuta Interchange Road and Emirates Road, lying adjacent to Nakheel's other signature developments, Ibn Battuta Shopping Mall and Discovery Gardens.
===The Palm Jumeirah===
Launched in 2001, The Palm, Jumeirah is the project that started it all. A man-made island in the shape of a cultural icon, the extraordinary Palm, Jumeirah increased Dubai's shoreline by 100%, and created a destination of world-class hotels, unprecedented retail, an array of home types and exceptional leisure and entertainment, all anchored by The Palm Trump International Hotel and Tower.
===The Palm Jebel Ali===
The second island in The Palm family, The Palm, Jebel Ali was created with a vision of becoming an unparalleled getaway for residents and visitors alike, with an array of luxury hotels, water homes built on stilts that spell a poem written by His Highness Sheikh Mohammed bin Rashid al Maktoum, beachside villas, shoreline apartments, dive sites and a variety of entertainment and leisure activities.
===The Palm Deira===
The final chapter in The Palm trilogy, The Palm, Deira was launched in November 2004, and will offer an array of exciting investment opportunities on the Trunk and the Corniche. It will further enhance the value of Deira by unlocking access to waterfront communities that will be developed on this iconic man-made island.
===The World===
300 islands in the shape of the continents located off the coast of Dubai, The World offers imaginative investors an unprecedented investment opportunity in the form of leisure, residential or tourist developments. Adding over 232 kilometers of new beachfront to Dubai's coastline, The World offers islands ranging from 150,000 square feet to 450,000 square feet in size, and will be accessible by marine or air transport, with world-class marinas servicing the development.


{{Dubai World}}

[[Category:Dubai World]]
==Partners==
[[Category:Nakheel Properties| ]]
===The Trump Organization===
[[Category:2003 establishments in the United Arab Emirates]]

[[Category:Real estate companies established in 2003]]
Donald J. Trump established The Trump Organization in 1980 as the umbrella organization for all of his real estate developments and other corporate affiliates. In 2004, The Trump Organization was ranked as the largest privately held company in New York, and has 22,000 employees.
[[Category:Companies based in Dubai]]
Nakheel, LLC, and The Trump Organization have entered into an exclusive joint venture to develop extensive real estate offerings throughout the Middle East. The Trump Organization's agreement with Nakheel includes exclusive rights for 19 countries in the Middle East region and 17 major brands. The company will be investing substantial sums directly in the projects, and will have sales, marketing and management responsibility for each real estate development, including The Trump Touch concierge services to the UAE.
[[Category:Real estate companies of the United Arab Emirates]]

Nakheel and The Trump Organization’s first offering together is The Trump International Hotel & Tower and The Palm Jumeirah.

===IFA Hotels & Resorts===

International Financial Advisors Co. K.S.C. is a leading investment company established in 1974 and publicly trades on the Kuwait Stock Exchange. In 2002 International Financial Advisors expanded its activities and formed a consortium of several leading investors and companies, which includes the second largest real estate company in the Gulf state — Kuwait Real Estate Co. (KREC), a publicly listed company established in 1986, and United Investments Portugal (UIP), established in 1985.
IFA Hotels & Resorts is a subsidiary of the Kuwait-based International Financial Advisors Company (IFA), with expanding tourism interests spanning Europe, the Middle East, the Indian Ocean and Africa.

Nakheel and IFA have introduced The Golden Mile on The Palm Jumeirah.

===Kerzner International===

Kerzner International Limited is a leading international developer and operator of premier resorts and luxury hotels. The flagship destination is Atlantis, a 2,317-room, ocean-themed resort located on Paradise Island, The Bahamas. In its luxury resort hotel business, the company operates luxury resorts primarily under the One&Only brand. These properties, featuring some of the top rated resorts in the world, include One&Only Le Saint Geran and One&Only Le Touessrok in Mauritius, One&Only Kanuhura in the Maldives, One&Only Ocean Club in The Bahamas, One&Only Palmilla in Mexico and the One&Only Royal Mirage in Dubai, which the company manages.
Nakheel and Kerzner International Limited announced that the companies have formed a joint venture to develop Atlantis, The Palm, which will ultimately include a 2,000-room resort and water theme park. It will be located at the top of The Palm's crescent, and the 68-acre water park will be the largest in the region, with a capacity for 7,000 visitors-a-day.

===Island Global Yachting===
Island Global Yachting (IGY) is a leading developer and manager of luxury mega-yacht marina facilities in first-class yachting locations worldwide. IGY’s team of marina and development personnel have designed, developed and operated marina projects in twenty-five countries across four continents. Island Global Yachting and Nakheel have formed an exclusive partnership whereby IGY will provide comprehensive design, development and management consultancy services to all of Nakheel’s visionary marina developments in Dubai.
===Oqyana===
Oqyana-World First comprises 19 reclaimed man-made islands extended over a total area of 1,869,021 sq m with a total upland island area of 417,288 sq m. Located within The World, it is a luxurious community, lying closest to the mainland with the best views of Dubai.

Oqyana-World First will provide a chic ocean lifestyle through a mixture of luxury apartments with panoramic ocean and harbour vistas, secluded water homes linked to islands via water bridges, exquisite canal homes and beachfront villas and mansions.
===Taj Luxury Hotels===

A part of the Tata Group of companies, India's premier business house, Taj Hotels Resorts and Palaces comprises 57 hotels in 40 locations across India with an additional 18 international hotels in the Maldives, Mauritius, Malaysia, Seychelles, Australia, UK, USA, Bhutan, Sri Lanka, Africa, and the Middle East. Over the years, Taj has won international acclaim for its quality hotels and its excellence in dining, business facilities, interiors, and world-class, personalised service.
In India, Taj is recognized as the premier hospitality provider, spanning the length and breadth of the country, and gracing important industrial towns and cities, beautiful beaches, historical and pilgrim centres, and wildlife destinations.

An innovator in dining, Taj was the first to introduce Sichuan, Thai, Italian, Mexican, and Californian cuisine into the country. In 1972, it was the first to open a 24-hour coffee shop in India at Taj Mahal Palace & Tower, Mumbai. Today, each restaurant is reflective of that tradition, setting benchmarks for an outstanding culinary experience. Nakheel is proud to feature Taj on The Palm, Jumeirah, a partnership that will play a key role in Dubai’s world-class tourism offer, with the Taj Exotica Resort and Spa in The Grandeur Residences.

===The Fairmont===

Fairmont Hotels & Resorts is the largest luxury hotel company in North America, with a worldwide reputation for accommodation excellence. Fairmont’s diverse portfolio includes historic icons, elegant resorts and modern city centre properties. From San Francisco Bay, the beaches of Monaco, the heart of London to the Canadian Rockies and beyond, each hotel offers an unrivalled presence that is uniquely “Fairmont.”

The Fairmont Palm Residence is a proud addition to The Palm Jumeirah.

===Mövenpick===
Mövenpick is a multinational group of companies with Swiss roots. The Mövenpick Group places its strategic focus on the hospitality business comprising gastronomy, hotels and wine. The group is organised as a holding company with the four operationally independent operating units Mövenpick Restaurants, Marché International, Hotels & Resorts and Wine. Its activities are centred primarily on Central Europe and the Middle East. The business was founded in 1948 by Ueli Prager, the son of a Swiss hotelier. Today the Mövenpick Group employs roughly 13,600 people worldwide. The Mövenpick-Holding shares are traded at the SWX Swiss Exchange in Zurich.

The Möevenpick Resort Oceana Palm Jumeirah will be launching in 2007.
===Kempinski===
Founded in Germany over a hundred years ago, Kempinski Hotels has long reflected the finest traditions of European hospitality. Located in many of the world's most well known cities and resorts, the Kempinski collection includes hotels in the grand manner, pace-setting modern establishments and older hotels of individual charm. All blend gracefully into their surroundings and offer luxurious accommodation, superb cuisine and unrivalled facilities — complemented by impeccable service. In addition to operating many of the finest city hotels in the world, Kempinski is a name that can now be found in many exciting resort locations, each combining local flair and ambience with the international standards of service and luxury that Kempinski guests have come to expect. Kempinksi is launching the Kempinksi Jumeirah Residence and Hotel Emerald Palace Dubai on The Palm Jumeirah.
===Jumeirah Hotel Operators===
The Dubai based luxury international hospitality group encompasses the world renowned Burj Al Arab, the world’s most luxurious hotel, the multi-award winning Jumeirah Beach Hotel, Jumeirah Emirates Towers, Jumeirah Beach Club Resort and Spa, Madinat Jumeirah and Jumeirah Bab Al Shams Desert Resort & Spa.

The group's activities are however, not restricted to hotel and resort management. The Jumeirah Group portfolio also includes Wild Wadi, regarded as one of the premier water parks outside of North America and The Emirates Academy of Hospitality Management, the region's only third level academic institution specializing in the hospitality and tourism sectors. Jumeirah has also expanded internationally and manages the Jumeirah Carlton Tower Jumeirah Lowndes Hotel in London’s Belgravia, and in 2006 assumed management of the Essex House, one of New York’s most prominent hotels.

Jumeirah will be initially be operating and managing two Nakheel Hotels & Resorts hotels on The Palm Jumeirah: The Trump International Hotel & Tower, and Jumeirah Shoreline Hotel & Yacht Club.

==External links==
*[http://www.nakheel.ae/ Official Website]
*[http://realestate.theemiratesnetwork.com/developers/al_nakheel_properties.php Al Nakheel Properties] - Profile and news.
*[http://www.simsari.com Simsari.com]- A joint venture between Nakheel, [[Tejari]] and Tamweel.
*[http://www.forsa.ae/ Forsa]
*[http://www.totallyproperty.com/international-city-dubai-owners-group-forum/ International City] Owners Group Forum - Created by buyers in the Nakheel development

[[Category:Property companies of the United Arab Emirates]]

[[id:Nakheel]]
[[pl:Al Nakheel Properties]]


{{UAE-stub}}
{{company-stub}}

Latest revision as of 17:38, 17 December 2024

Nakheel Properties
Company typeGovernment owned
IndustryReal estate
Founded2003; 21 years ago (2003)
Headquarters
Dubai
,
United Arab Emirates
Key people
ServicesProperty development
RevenueIncrease AED 5.67 billion[1] (2017)
OwnerGovernment of Dubai
Number of employees
1,500[2]
SubsidiariesJumeirah Village, Nakheel Marinas, International City, Canal District, Jumeirah Islands, Warsan, Dragon Mart Complex, The Gardens, Nakheel Asset Management, Palm Deira, Azure Residences, Veneto Residence, Badrah, Golden Mile
Websitewww.nakheel.com

Nakheel Properties (Arabic: نَـخٍـيْـل, romanized: nakhīl, lit. 'palm tree') is a real estate development company based in Dubai, United Arab Emirates.[3] The formal name of the company is Nakheel PJSC (private joint stock company) and it was a subsidiary of Dubai World and a private state-owned enterprise.[4][2]

Nakheel was central to Dubai's debt crisis in 2009–2010.[5] The company has been reported to be the second-largest property developer in Dubai after Emaar Properties.[6]

On March 16 2024 Nakheel, along with Meydan, were merged into Dubai Holding and ceased to be a separate entity.[7]

History

[edit]

Nakheel was founded in 2003[4] as a subsidiary of state-owned Dubai World and a private state-owned enterprise.[8]

The company was involved with a sukuk, which raised legal issues in 2009.[9][10] This sukuk has been the subject of academic study.[11][12] It was reported to be the largest ever sukuk.[13][14]

In 2010, Sultan Ahmed bin Sulayem was replaced as chairman of Dubai World.[15][16] The same year, the company started payments for creditors.[17] In 2011, the company undertook 59 billion dirham ($16 billion) of debt restructuring.[18] On 6 July 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.[19][20] In 2012, the company was the subject of a study by the American University of Sharjah on corporate governance along with Tamweel.[21]

In 2013, the ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, approved US$898 million of funding for the company and ordered work to start on two major projects on the Palm Jumeirah.[22][23] In 2017, the company achieved $1 billion net profit in nine months, delivering 1,200 units with 23,000 under construction in Dubai.[24] The same year (2017), Nakheel awarded a $410 million contract for the Palm Gateway to the company Shapoorji Pallonji Mideast to construct a three-tower residential, retail, and beach club complex.[25][26]

In January 2020, Mohammed Ibrahim Al Shaibani took over as chairman from Ali Rashid Lootah.[27][28] In May 2020, it was reported that some employees' salaries were cut between 30 and 50 percent for senior staff due to the COVID-19 pandemic.[29] In November 2020, Naaman Atallah was appointed as the company's chief executive officer.[30]

In September 2022, Nakheel rebranded, unveiled a new logo.[31] The same month, the company also made announcements regarding previously frozen projects, including Palm Deira, which the company restarted in August 2022,[31] and which was renamed as Deira Islands, then changed to Dubai Islands.

After a $4.6 billion debt restructuring deal, Nakheel is set to relaunch the Palm Jebel Ali project, having stalled since 2008,[32][33] building 1,700 villas and 6,000 apartments on the man-made islands,[34] having previously contacted existing investors offering to buy back their contracts for plots and properties.[35][36][37]

Financial crisis of 2007–2008

[edit]

Nakheel prospered until the financial crisis of 2007–2010 started a decline in Dubai's real estate market, putting Dubai World at risk of bankruptcy in November 2009.[8] After write-downs of real estate values and lower sales, Nakheel had made a loss of 13.4bn dirham ($3.65 billion) in the first half of 2009,[38] and despite a cash bail-out in May,[39] the company sought to delay the December repayment of a $3.5 billion bond. This happened because Dubai's government refused to bail out Nakheel's parent company,[38][40] due to which it requested a stay on debt payments, and consequently, it was downgraded to junk status.[41] However, on 14 December 2009, in the nick of time, neighbouring Abu Dhabi invested $10bn in Dubai, warding off Nakheel's debt default,[42] and in March 2010, the government of Dubai rescued Dubai World, providing $9.5bn to help ensure Nakheel bond-holders would be paid on time and in full.[43] The move was seen as key to resolving Dubai's debt crisis: "Fix Nakheel, and you go a long way to fixing Dubai real estate; fix real estate, and you fix Dubai," said Aidan Burkitt, hired from Deloitte to be Dubai World's chief restructuring officer.[5]

Portfolio

[edit]
A model of Palm Jumeirah at the Nakheel Sales Centre in 2008

Nakheel Properties has a portfolio of projects in Dubai across the residential, retail, hospitality and leisure sectors. Property development projects include:

Naya 3[44]

Retail project developments include Ibn Battuta Mall, Dragon Mart 1 and 2, Golden Mile Galleria, Nakheel Mall,[47] The Pointe, Deira Mall, Deira Islands Night Souk, Warsan Souk, Al Khail Avenue, The Circle Mall and Nad Al Sheba Mall, as well as extensions to Dragon Mart and Ibn Battuta Mall.[citation needed]

Nakheel has also developed properties outside Dubai, in Montenegro for example.[48]

See also

[edit]

References

[edit]
  1. ^ "Dubai Media Office Press Release". Media Office. UAE: Government of Dubai. 31 January 2018. Archived from the original on 6 February 2020. Retrieved 12 February 2018.
  2. ^ a b "Nakheel PJSC". Bloomberg. Retrieved 26 May 2021.
  3. ^ Jacobs, W.A.A. (2005). "Booming Dubai. De olie voorbij". Geografie. Vaktijdschrift voor Geografen. Vol. 8. pp. 22–25. hdl:2066/47223. ISSN 0926-3837.
  4. ^ a b "Nakheel PJSC". ClarifiedBy.com. Diligencia Group. Retrieved 4 October 2021.
  5. ^ a b Hughes, Jack (23 November 2010). "Dubai's towering ambitions turned out to be a mirage". Guardian. Retrieved 6 December 2021.
  6. ^ Kirchenbauer, Reid (7 March 2019). "Top 10 Dubai Property Developers: A Complete Guide". Invest Asian. Retrieved 14 August 2021.
  7. ^ "Mohammed bin Rashid mandates incorporation of Nakheel and Meydan into Dubai Holding under leadership of Ahmed bin Saeed Al Maktoum - Dubai Holding Website". Dubai Holding Website. Archived from the original on 2024-04-25. Retrieved 2024-12-17.
  8. ^ a b "Debt crisis puts spotlight on Dubai World". CBC News. 27 November 2009. Retrieved 6 December 2021.
  9. ^ Alloway, Tracy (4 December 2009). "Nakheel and the sukuk legal spook". Financial Times.
  10. ^ "Nakheel 09 debt hits record low, investors eye default". Reuters. 2009-12-09. Retrieved 2023-01-04.
  11. ^ Salah, Omar (2010). "Dubai Debt Crisis: A Legal Analysis of the Nakheel Sukuk". Publicist. 4 (1): 19–32.
  12. ^ Benabderrahmane, Meryem (2019). "Sukuk Nakheel: Case Study Of Islamic Finance Crisis". مجلة المنارة للدراسات القانونية والإدارية [Al-Manara Journal of Legal and Administrative Studies] (in Arabic). 117. Dar AlMandumah: 126–129.
  13. ^ Abraham, Robin; Long, Shani (January 2007). "Largest sukuk ever". International Financial Law Review. 26 (1): 02626969.
  14. ^ "Nakheel Bonds Rise as JPMorgan Sees Repayment at Par". Bloomberg.com. 2010-03-09. Retrieved 2023-01-04.
  15. ^ Bianchi, Stefania; Sleiman, Mirna (31 March 2010). "Dubai Replaces Nakheel Chairman". The Wall Street Journal.
  16. ^ "Bin Sulayem exit ends tumultuous era". www.ft.com. Retrieved 2023-01-04.
  17. ^ Bianchi, Stefania (30 June 2010). "Nakheel Starts Payments to Creditors". The Wall Street Journal.
  18. ^ Hall, Camilla (24 August 2011). "Nakheel completes debt restructuring". Financial Times.
  19. ^ "Dubai Government to take over Nakheel and Limitless". DubaiChronicle. 6 July 2011. Retrieved 14 August 2021.
  20. ^ "Dubai World shifts Nakheel, Limitless ownership to gov't". Arabian Business. Retrieved 2023-01-04.
  21. ^ Alkafaji, Yass; Majdalawieh, Munir. "Corporate Governance and Internal Audit in the United Arab Emirates (UAE)". AUS. ISSN 0897-0378.
  22. ^ Sambidge, Andy (2 February 2013). "Dubai ruler approves $898m Nakheel projects". Arabian Business.
  23. ^ "Nakheel – Emirian real-estate company". Britannica. Retrieved 4 October 2021.
  24. ^ Bhatia, Neha (26 October 2017). "Dubai's Nakheel records $1bn net profit in 9M 2017". Construction Week. Retrieved 14 August 2021.
  25. ^ a b De La Cerna, Fatima (14 May 2017). "Nakheel awards $410m contract for The Palm Gateway". Construction Week. Retrieved 14 August 2021.
  26. ^ "Dubai's Nakheel awards $410m deal to build Palm Gateway project". Arabian Business. Retrieved 2023-01-04.
  27. ^ "Mohammed Ibrahim Al Shaibani takes over as Nakheel Chairman". Gulf News. 21 January 2020.
  28. ^ "Mohammed Ibrahim Al Shaibani takes over as Nakheel Chairman". The Business Times. Singapore. 21 January 2020.
  29. ^ "Covid-19: Nakheel cuts some salaries by as much as 50%". Arabian Business. 6 May 2020. Retrieved 14 August 2021.
  30. ^ McGinley, Shane (23 November 2020). "Dubai developer Nakheel appoints new CEO". Arab News. Retrieved 14 August 2021.
  31. ^ a b "Nakheel unveils massive rebranding, major Palm Jebal Ali updates expected". Arabian Business. 25 September 2022. Retrieved 10 October 2022.
  32. ^ "Nakheel to relaunch and rebrand Palm Jebel Ali". Arabian Business. 28 September 2022. Retrieved 10 October 2022.
  33. ^ Oxborrow, Ian (2022-10-20). "Dubai property deal worth $163m closed as Palm Jumeirah prices continue to spiral upwards". The National. Retrieved 2023-01-04.
  34. ^ Kerr, Simeon (27 September 2022). "Dubai developer Nakheel nears $4.6bn debt restructuring to fund expansion". Financial Times. Retrieved 10 October 2022.
  35. ^ Kerr, Simeon (21 August 2022). "Dubai looks to restart mothballed luxury developments for wave of wealthy incomers". Financial Times. Retrieved 10 October 2022.
  36. ^ Sayegh, Hadeel Al (2022-11-08). "Dubai Palm Island developer gets $4.6 bln funding for new waterfront projects". Reuters. Retrieved 2023-01-04.
  37. ^ Cahill, Helen (2022-08-26). "Dubai's abandoned palm islands rise again as Gulf rides oil and gas wave". The Telegraph. ISSN 0307-1235. Retrieved 2023-01-04.
  38. ^ a b Moya, Elena (8 December 2009). "Six Dubai companies downgraded to junk status". Guardian. Retrieved 6 December 2021.
  39. ^ Kerr, Simeon (11 May 2009). "Dubai's Nakheel receives bail-out cash". Financial Times.
  40. ^ Hargreaves, Deborah (13 December 2009). "Fears rise over bond debt of Dubai World's property arm". Guardian. Retrieved 6 December 2021.
  41. ^ Thomas Jr., Landon (25 November 2009). "Dubai Fund Asks for Stay on Debt Payments". The New York Times.
  42. ^ Teather, David (14 December 2009). "Relief for world markets as Abu Dhabi throws $10bn lifeline to Dubai". Guardian. Retrieved 6 December 2021.
  43. ^ Moya, Elena (25 March 2010). "Dubai World saved by $9.5bn rescue package". Guardian. Retrieved 6 December 2021.
  44. ^ Investment, My Off Plan (27 March 2024). "Naya 3 at District One by Nakheel Properties". My Off Plan Investment. Retrieved 27 March 2024.
  45. ^ "AED169 million third expansion takes shape at Nakheel's Dragon City". Media Office. UAE: Government of Dubai. 12 June 2018. Retrieved 15 August 2021.
  46. ^ Munro, Davina (4 October 2015). "Dubai's Nakheel awards $223m Palm Tower contract to two Abu Dhabi builders". ME Construction News. Retrieved 14 August 2021.
  47. ^ "AED1.2 billion Nakheel Mall 85 per cent complete". Media Office. UAE: Government of Dubai. 5 March 2018. Retrieved 15 August 2021.
  48. ^ Mansoor, Zainab (21 September 2021). "Dubai's Nakheel offers Montenegro citizenship on waterfront residences at Porto Montenegro". Gulf Business.
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