Nakheel Properties

Nakheel Properties| Add a Photo

Type

| State-owned enterprise
Industry| Real estate
Founded| 2003; 22 years ago (2003)
Headquarters|

Dubai

United Arab Emirates

Key people

| Naaman Atallah
Services| Property development
Revenue|  United Arab Emirates dirham (2017)
Owner| Government of Dubai

Number of employees

| 1,500[1]
Parent| Dubai World
Subsidiaries| Jumeirah Village, Nakheel Marinas, Dubai International City, Canal District, Jumeirah Islands, Warsan, Dragon Mart Complex, The Gardens, Dubai, Nakheel Asset Management, Palm Deira, Azure Residences, Veneto residence, Badrah, Golden Mile
Website| www.nakheel.com

Nakheel Properties (palms or palm trees, often just Nakheel) is a property developer based in Dubai, United Arab Emirates.[2] The formal name of the company is Nakheel PJSC (Private Joint Stock Company) and it is a private state-owned company – a State-Owned Enterprise (SOE).[3][1]

The company has been reported to be the second-largest property developer in Dubai after Emaar Properties.[4] It has been described as a leading UAE property developer[5] and one of the world’s largest real estate developers.[6]

## Contents

* 1 History
* 2 Portfolio
* 3 References
* 4 External links

## History[edit]

The company was founded in 2003.[3] In 2009, the company received a cash bail-out.[7] Later that year, a stay on debt payments for the company was requested.[8] The company was involved with a sukuk, which raised legal issues in 2009.[9] This sukuk has been the subject of academic study.[10][11] It was reported to be the largest ever sukuk.[12] In 2010, Sultan Ahmed bin Sulayem was replaced as chairman.[13] In the same year, the company started payments for creditors.[14] In 2011, the company undertook Dhm59 billion (US$16 billion) of debt restructuring.[15] 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.[16] In 2012, it was the subject of a study on corporate governance along with Tamweel Properties & Investments.[17]

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.[18][19] The company achieved US$1 billion net profit in nine months, delivering 1,200 units with 23,000 under construction in Dubai during 2017.[20] Also in 2017, Nakheel awarded a US$410 million contract for the Palm Gateway to the company Shapoorji Pallonji Mideast to construct a three-tower residential, retail, and beach club complex.[21]

In early 2020, Mohammed Ibrahim Al Shaibani took over as chairman from Ali Rashid Lootah.[22][23] Later in the same year, Naaman Atallah was appointed as the company's chief executive officer (CEO).[24] In May 2020 it was reported some employee's salaries were cut between 30–50% for senior staff due to the COVID-19 pandemic.[25]

File:Palm Jumeirah Model on 12 January 2008 Pict 1.jpg|thumb|A model of Palm Jumeirah at the Nakheel Sales Centre in 2008

## Portfolio[edit]

Nakheel Properties has a portfolio of projects in Dubai across the residential, retail, hospitality and leisure sectors. Major developments include Palm Jumeirah, The World (archipelago)|The World, Deira Islands, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Jumeirah Heights, The Gardens, Dubai|The Gardens, Discovery Gardens, Al Furjan, Warsan Village, Dragon City, Dubai International City|International City, Jebel Ali Gardens, and Nad Al Sheba. Retail project developments include Ibn Battuta Mall, Dragon Mart 1 and 2, Golden Mile Galleria, Nakheel Mall, 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 (renamed Dragon City) and Ibn Battuta Mall.

Nakheel has been responsible for many property development projects, including the following:

* Al Furjan
* Culture Village
* Deira Islands
* Discovery Gardens
* Dragon City[26]
* Dubai International City
* Dubai Maritime City
* Dubai Waterfront
* The Gardens, Dubai
* Ibn Battuta Mall
* Jebel Ali Village
* Jumeirah Bay
* Jumeirah Islands
* Lake Shore Towers
* Logo Islands
* Nakheel Tower
* Nakheel Mall[27]
* Palm Gateway[21]
* Palm Islands
* Palm Jebel Ali
* Palm Jumeirah
* Palm Tower[28]
* Trump International Hotel and Tower (Dubai)|Trump International Hotel and Tower
* The Universe (Dubai)
* The World (archipelago)

Nakheel has developed properties abroad as well, for example in Montenegro.[29]

## References[edit]

1. ↑ 1.0 1.1 "Nakheel PJSC". Bloomberg L.P. Retrieved 26 May 2021.
2. ↑ Jacobs, W.A.A. (2005). "Booming Dubai. De olie voorbij". Geografie. Vaktijdschrift voor Geografen. Vol. 8\. p. 22–25. hdl:2066/47223. ISSN 0926-3837.
3. ↑ 3.0 3.1 "Nakheel PJSC". ClarifiedBy.com. Diligencia Group. Retrieved 4 October 2021.
4. ↑ Kirchenbauer, Reid (7 March 2019). "Top 10 Dubai Property Developers: A Complete Guide". Invest Asian. Retrieved 14 August 2021.
5. ↑ "List Of Projects By Nakheel Properties". dbxoffplan.com. Retrieved 8 October 2021.
6. ↑ "Nakheel Properties". Driven Properties. Retrieved 8 October 2021.
7. ↑ Kerr, Simeon (11 May 2009). "Dubai's Nakheel receives bail-out cash". Financial Times.
8. ↑ Thomas Jr., Landon (25 November 2009). "Dubai Fund Asks for Stay on Debt Payments". The New York Times.
9. ↑ Alloway, Tracy (4 December 2009). "Nakheel and the sukuk legal spook". Financial Times.
10. ↑ Salah, Omar (2010). "Dubai Debt Crisis: A Legal Analysis of the Nakheel Sukuk". Publicist (journal). 4 (1): 19–32.
11. ↑ 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 العربية). Dar AlMandumah. 117: 126–129.
12. ↑ Abraham, Robin; Long, Shani (January 2007). "Largest sukuk ever". International Financial Law Review. 26 (1): 02626969.
13. ↑ Bianchi, Stefania; Sleiman, Mirna (31 March 2010). "Dubai Replaces Nakheel Chairman". The Wall Street Journal.
14. ↑ Bianchi, Stefania (30 June 2010). "Nakheel Starts Payments to Creditors". The Wall Street Journal.
15. ↑ Hall, Camilla (24 August 2011). "Nakheel completes debt restructuring". Financial Times.
16. ↑ "Dubai Government to take over Nakheel and Limitless". DubaiChronicle. 6 July 2011. Retrieved 14 August 2021.
17. ↑ Alkafaji, Yass; Majdalawieh, Munir (June 2012). "Corporate Governance and Internal Audit in the United Arab Emirates (UAE)". UAE: American University of Sharjah. hdl:11073/8646. Retrieved 14 August 2021.
18. ↑ Sambidge, Andy (2 February 2013). "Dubai ruler approves $898m Nakheel projects". Arabian Business.
19. ↑ "Nakheel – Emirian real-estate company". Britannica. Retrieved 4 October 2021.
20. ↑ Bhatia, Neha (26 October 2017). "Dubai's Nakheel records $1bn net profit in 9M 2017". Construction Week. Retrieved 14 August 2021.
21. ↑ 21.0 21.1 De La Cerna, Fatima (14 May 2017). "Nakheel awards $410m contract for The Palm Gateway". Construction Week. Retrieved 14 August 2021.
22. ↑ "Mohammed Ibrahim Al Shaibani takes over as Nakheel Chairman". Gulf News. 21 January 2020.
23. ↑ "Mohammed Ibrahim Al Shaibani takes over as Nakheel Chairman". Business Times (Singapore). Singapore. 21 January 2020.
24. ↑ McGinley, Shane (23 November 2020). "Dubai developer Nakheel appoints new CEO". Arab News. Retrieved 14 August 2021.
25. ↑ "Covid-19: Nakheel cuts some salaries by as much as 50%". Arabian Business. 6 May 2020. Retrieved 14 August 2021.
26. ↑ "AED169 million third expansion takes shape at Nakheel's Dragon City". Media Office. UAE: Government of Dubai. 12 June 2018. Retrieved 15 August 2021.
27. ↑ "AED1.2 billion Nakheel Mall 85 per cent complete". Media Office. UAE: Government of Dubai. 5 March 2018. Retrieved 15 August 2021.
28. ↑ 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.
29. ↑ Mansoor, Zainab (21 September 2021). "Dubai's Nakheel offers Montenegro citizenship on waterfront residences at Porto Montenegro". Gulf Business.

## External links[edit]

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