Nakheel Properties Dubai
Nakheel Properties is a property developer in Dubai. List of Nakheel developments includes the Palm Islands offshore, The World, International City, Discovery Gardens, and the Dubai Waterfront.
List of Nakheel property developments on Dubai mainland
- Al Badrah
- Al Furjan - suspended in January 2010 but might restart in October 2010?
- Discovery Gardens
- Emirati Cluster - International City. Work restart early October 2010. Development consists of 26 G+4 buildings with 51 shops, 856 studio flats and 756 one-bedroom apartments. Phase 15 (?) completion expected by Q4 2011.
- Garden View Villas - 134 townhouses in The Gardens, completion expected Q3 2011 (work restarted September 2010).
- International City
- Jumeirah Golf Estates
- Jumeirah Heights
- Jumeirah Islands
- Jumeirah Park
- Jumeirah Village
- Marina Residences
- Mina Rashid
- Nakheel Harbour and Tower
- The Gardens
List of Nakheel offshore developments and islands off the coast of Dubai
- Artificial Reefs - press reports 23 November 2011 said that Nakheel was planning to build 500 artificial reefs around their other offshore developments to aid in the development of marine life and the fishing industry in Dubai.
Construction is expected to start by February 2012 and finish by early 2013. Consultation partner is Emirates Marine Environmental Group (EMEG).
- Dubai Waterfront
- Palm Deira
- Palm Jebel Ali
- Palm Jumeirah
- The Universe Dubai
- The World Dubai
List of Nakheel retail developments and shopping centers
- Dragonmart Dubai
- Ibn Battuta Mall
Nakheel proposed and started developing some grand mega property projects in Dubai. During 2008 and 2009, the property market in Dubai went from boom to bust, prompted in part by the Global Financial Crisis. Nakheel was left high and dry, having borrowed substantial amounts of finance to fund infrastructure works for the man-made islands, and other developments. Some numbers and events ...
- 29 March 2011 - Nakheel made another debt payment announcement saying they're paid AED 4.6 billion to trade creditors so far.
- 02 January 2011 - Nakheel were "delighted to announce" that they had made payments of AED 3.9 billion to their trade creditors to-date. Some might regard it an indication of ongoing problems that a company feels it is necessary to announce with delight that they are only doing what any other company is expected to do in the normal course of business. Unknown how delighted their creditors were at receiving payments.
- 20 September 2010 - the tribunal established to settle disputes between Dubai World and its creditors started hearing the first trade creditor lawsuit against Nakheel - a claim of AED 49 million ($13m) from Construction Delivery Group (CDG) for unpaid bills from a facilities management contract for 1300 homes on Palm Jumeirah, reportedly worth AED 100m. The suit was filed in August 2010 (The National/Reuters).
- 22 August 2010 - Al Khaleej newspaper reports that Nakheel has paid
AED 2.5 billion ($681 million) cash in July 2010 to its trade creditors, out of the AED 4 billion it owes to them. Nakheel says it has 80% approval for its restructuring plan announced in March 2010.
- 14 July 2010 - outstanding debt (includes loans and bills due) of about $10.5 billion according to press reports?
- March 2010 - Nakheel proposes a restructuring plan for its debts to trade creditors, saying it would pay them 40% in cash, and 60% in the form of a bond issue, which would need approval of 95% of the creditors to go ahead.
- End 2009 - Nakheel comes close to defaulting on its
$3.52 billion bond issue.
- Proposed Sukuk or Islamic bond worth $6 billion or more to cover loans and trade debts, announced in March 2010, term 5 years, coupon 10%, listed on the Nasdaq Dubai (previously the DIFX).
- Fair value about 60 cents in the dollar according to JPMorgan Chase & Co. report. Same report said they "are less confident about Nakheel's ability to redeem the principal in 2015," (Bloomberg 26 August 2010).
Nakheel project development progress
- 30 September 2010 - Nakheel press release announced "the recommencement of construction on Phase 15 of the Emirati Cluster in International City. UNEC are expected to remobilize within one week."
- 28 September 2010 - a Nakheel statement announced "... the recommencement of construction works on Gardens View Villas. Ghassan Al Khaled Company (GAK) is expected to remobilize within one week."
- 17 August 2010 - Nakheel plans to resume construction in October 2010 on several projects which had been suspended, possibly Al Badrah, Al Furjan, Jumeirah Heights Clusters, Jumeirah Islands Mansions, Jumeirah Park, Jumeirah Village (The National).
- A statement from Nakheel said "Nakheel is currently engaging contractors in the short-term projects with a view to continuation in the coming weeks. We expect that all short-term projects will be fully mobilised by early October 2010,"
- Chairman of Nakheel is
Ali Rashed Lootah (as of October 2010).
- Chief Executive is
Chris O'Donnell (as of October 2010).
Nakheel fraud and bribery legal issues
Nakheel land deal and bribes - September 2010
- Two Emirati directors or employees appeared in the
Dubai Misdemeanour Court in August 2010 on charges related to allegedly accepting AED 21.8 million in bribes in return for obtaining a discount and deferred payments for German investor wanting to buy 2.4 billion worth of land in the Port Rashid project from Nakheel, according to the Gulf News 02 September 2010.
- However, Emirates 24-7 did not mention the bribes, and instead said
The Dubai Misdemeanour Court has been told that AAA and MFA had pressured the German to buy each of the plots for Dh400 million.
- The defence lawyer,
Dr Habib Al Mulla, argued that the charges should be dismissed because they were untrue (well, you'd expect a defense lawyer to say something like that), because the German investor had filed the case maliciously to get back at the two Emiratis who had had him arrested and taken to court for bouncing cheques in Dubai.
- The German was indeed previously convicted and jailed after the commission cheques that he wrote for the two Emiratis had bounced.
- In September 2010, the Gulf News reported that the two men were property company directors, but the Emirates Business newspaper reported that the two were employees of Nakheel.
Nakheel executive held on bribery charges - August 2008
- However, Gulf News has learned that Nakheel's general manager of sales, Walid Al Jaziri, is being questioned by authorities for taking kickbacks. But Nakheel refused to confirm his name. - Gulf News 16 August 2008
- "In relation to rumours of embezzlement, the company can confirm that no embezzlement has taken place within Nakheel and the figure of Dh3 billion quoted is categorically incorrect," - unnamed Nakheel spokesman in same GN report, referring to reports of AED 3 billion being embezzled from Nakheel.
"It would be inappropriate for me to comment," - Chief Executive Officer Chris O'Donnell in the same GN report.
Nakheel contact details
Last update Monday 26-Dec-2011. Page development 1H 2T 3D 4L 5C.