Nakheel Properties
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Nakheel Properties ( ar, نَـخٍـيْـل, nakhīl,
palm tree The Arecaceae is a family of perennial flowering plants in the monocot order Arecales. Their growth form can be climbers, shrubs, tree-like and stemless plants, all commonly known as palms. Those having a tree-like form are called palm trees ...
) is a
property developer Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others. R ...
based in
Dubai Dubai (, ; ar, دبي, translit=Dubayy, , ) is the most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai, the most populated of the 7 emirates of the United Arab Emirates.The Government and Politics of ...
,
United Arab Emirates The United Arab Emirates (UAE; ar, اَلْإِمَارَات الْعَرَبِيَة الْمُتَحِدَة ), or simply the Emirates ( ar, الِْإمَارَات ), is a country in Western Asia (The Middle East). It is located at th ...
. The formal name of the company is Nakheel PJSC (private
joint stock company A joint-stock company is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareholders are ...
) and it was a subsidiary of
Dubai World Dubai World ( ar, دبي العالمية) is an investment company that manages and supervises a portfolio of businesses and projects for the Government of Dubai across a wide range of industry segments and projects that promote Dubai as a hub ...
and a private
state-owned enterprise A state-owned enterprise (SOE) is a Government, government entity which is established or nationalised by the ''national government'' or ''provincial government'' by an executive order or an act of legislation in order to earn Profit (econom ...
. Nakheel was seen as key to resolving Dubai's debt crisis in 2009–2010. The company has been reported to be the second-largest property developer in Dubai after
Emaar Properties Emaar Properties (Emaar Developments or simply Emaar) is an Emirati multinational real estate development company located in the United Arab Emirates. It is a public joint-stock company, listed on the Dubai Financial Market, and has a valuation o ...
. Dubai’s Nakheel unveil
rebranding
in September 2022 to reflect next phase of growth for the company.


History

The company was founded in 2003, and, as a subsidiary of state-owned
Dubai World Dubai World ( ar, دبي العالمية) is an investment company that manages and supervises a portfolio of businesses and projects for the Government of Dubai across a wide range of industry segments and projects that promote Dubai as a hub ...
, prospered until the
financial crisis of 2007–2010 Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fina ...
started a decline in Dubai's real estate market, putting Dubai World at risk of bankruptcy in November 2009. After write-downs of real estate values and lower sales, Nakheel had made a loss of 13.4bn dirham ($3.65bn) in the first half of 2009, and, despite a May cash bail-out, sought to delay December repayment of a $3.5 billion bond that had been downgraded to junk status because Dubai's government had refused to bail out its parent company, which had requested a stay on debt payments. However, on 14 December 2009, neighbouring Abu Dhabi invested $10bn in Dubai, warding off Nakheel's debt default, and in March 2010, the government of Dubai rescued Dubai World, providing $9.5bn (£6.4bn) to help ensure Nakheel bond-holders would be paid on time and in full. 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 Deloitte Touche Tohmatsu Limited (), commonly referred to as Deloitte, is an international professional services network headquartered in London, England. Deloitte is the largest professional services network by revenue and number of profession ...
to be Dubai World's chief restructuring officer. The company was involved with a
sukuk Sukuk ( ar, صكوك, ṣukūk; plural of ar, صك, ṣakk, legal instrument, deed, cheque, links=no) is the Arabic name for financial certificates, also commonly referred to as "sharia compliant" bonds. Sukuk are defined by the AAOIFI ( Acco ...
, which raised legal issues in 2009. This sukuk has been the subject of academic study. It was reported to be the largest ever sukuk. In 2010, Sultan Ahmed bin Sulayem was replaced as chairman. In the same year, the company started payments for creditors. In 2011, the company undertook Dhm59 billion (US$16 billion) of debt restructuring. On 6 July 2011, Dubai World’s board of directors announced that Nakheel's legal ownership would be transferred to the
Government of Dubai The Government of Dubai ( ar, حكومة دبي) is the subnational authority that governs the Emirate of Dubai, one of the seven constituent monarchies which make up the United Arab Emirates. The executive authority and head of the government is th ...
upon completion of the company's financial restructuring. In 2012, it was the subject of a study on
corporate governance Corporate governance is defined, described or delineated in diverse ways, depending on the writer's purpose. Writers focused on a disciplinary interest or context (such as accounting, finance, law, or management) often adopt narrow definitions th ...
along with Tamweel Properties & Investments. In 2013, the ruler of Dubai, Sheikh
Mohammed bin Rashid Al Maktoum Sheikh Mohammed bin Rashid Al Maktoum ( ar, محمد بن راشد آل مكتوم, links=no; ; born 15 July 1949) is the Prime Minister of the United Arab Emirates, vice president, prime minister, and minister of defence of the United Arab Emir ...
, approved US$898 million of funding for the company and ordered work to start on two major projects on the
Palm Jumeirah The Palm Jumeirah is an archipelago of artificial islands on the Persian Gulf in Jumeirah, Dubai, United Arab Emirates. It is part of a larger series of developments called the Palm Islands, including Palm Jebel Ali and Palm Deira, which, ...
. The company achieved US$1 billion net profit in nine months, delivering 1,200 units with 23,000 under construction in Dubai during 2017. 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. In early 2020, Mohammed Ibrahim Al Shaibani took over as chairman from Ali Rashid Lootah. Later in the same year, Naaman Atallah was appointed as the company's
chief executive officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
(CEO). In May 2020 it was reported some employee's salaries were cut between 30 and 50% for senior staff due to the
COVID-19 pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identif ...
. In September 2022, Nakheel rebranded. It also began a series of announcements regarding frozen projects, having restarted Palm Deira (now rebranded
Dubai Islands The Dubai Islands, formerly known as the Deira Islands ( ar, جزر ديرة) are four undeveloped artificial islands off the coast of Deira, Dubai, United Arab Emirates. The project was initially called Palm Deira and was planned to be part of t ...
) in August 2022. After a $4.6 billion debt restructuring deal, it was expected to relaunch
Palm Jebel Ali Palm Jebel Ali () is an artificial archipelago in Dubai, United Arab Emirates which began construction in October 2002, was originally planned to be completed by mid-2008 and has been on hold since. Creative Kingdom provided master planning ser ...
, stalled since 2008, building 1,700 villas and 6,000 apartments on the man-made islands, having previously contacted existing investors offering to buy back their contracts for plots and properties.


Portfolio

Nakheel Properties has a portfolio of projects in Dubai across the residential, retail, hospitality and leisure sectors. Property development projects include: *
Al Furjan Al Furjan is an upscale neighbourhood, gated community, and property development in the Jebel Ali district, Dubai, United Arab Emirates. Nakheel Properties heads the development and Azizi Developments owns the largest number of residential bui ...
*
Culture Village The Culture Village (aka Jaddaf Waterfront) is a multi-purpose development project located in Al Jaddaf, Dubai, United Arab Emirates, along the shoreline of the Dubai Creek on a plot of land. When completed the village will include a harbour, cu ...
*
Discovery Gardens Discovery Gardens ( ar, ديسكفري جاردنز) is a neighbourhood in the Jebel Ali district of Dubai, United Arab Emirates. History Discovery Gardens forms the northern part of the Jebel Ali Village area. The original Jebel Ali Village was ...
* Dragon City *
Dragon Mart Dragon Mart ( ar, سوق التنين) is a set of two adjacent shopping malls in Dubai International City, a suburb of Dubai, United Arab Emirates. Dragon Mart is 1.2 kilometre long and is the "largest Chinese retail trading hub outside mainland ...
*
Dubai International City Dubai International City is a country-themed collection of residences, businesses, and tourist attractions. Spreading over an area of 800 hectares (8 million square meters), the arrangement of the city is inspired by the traditional carpets of the ...
*
Dubai Islands The Dubai Islands, formerly known as the Deira Islands ( ar, جزر ديرة) are four undeveloped artificial islands off the coast of Deira, Dubai, United Arab Emirates. The project was initially called Palm Deira and was planned to be part of t ...
*
Dubai Maritime City Dubai Maritime City (DMC) is a multipurpose maritime zone. It is a member of the DP World group of companies. Maritime city was expected to be fully operational by 2012, and by January 2021 had completed 80% of the first phase's infrastructure wor ...
*
Dubai Waterfront The Dubai Waterfront (now known as ''Waterfront'') was expected to become the largest waterfront and largest man-made development in the world. The project is a conglomeration of canals and artificial archipelago; it would occupy the last rema ...
* The Gardens *
Ibn Battuta Mall The Ibn Battuta Mall is a large shopping mall on the Sheikh Zayed Road in Dubai, UAE, close to Interchange 6 for Jebel Ali Village. Overview Having around 275 shops, 50 restaurants, and over 4,500 parking spaces on a total of , Ibn Battuta is the ...
*
Jebel Ali Jebel Ali ( ar, جبل علي) is a port town south-west of Dubai. The Jebel Ali Port is located there. Al Maktoum International Airport has been constructed just outside the port area. Jebel Ali is connected to Dubai via the UAE Exchange (fo ...
Gardens *
Jebel Ali Village Jebel Ali Village (JAV) is a neighbourhood in Jebel Ali, southern Dubai, United Arab Emirates. Now it is a redevelopment by Nakheel Properties of the existing Jebel Ali Village. History The original Jebel Ali Village was constructed in 1977 to pr ...
* Jumeirah Bay * Jumeirah Heights *
Jumeirah Islands The Jumeirah Islands ( ar, جزر الجميرا) are a housing development in Dubai, United Arab Emirates, developed by Nakheel Properties, a Dubai-based property development company. They lie inland from Dubai Marina and Jumeirah Lake Towers, e ...
* Jumeirah Park *
Jumeirah Jumeirah ( ar, جُمَيْرَا, Jumayrā   Emirati pronunciation: ) is a coastal residential area of Dubai, United Arab Emirates mainly comprising low rise private dwellings and hotel developments. It has both expensive and large detached ...
Village * Lake Shore Towers *
Logo Islands The Logo Islands are the two identical artificial islands built in the shape a palm leaf. The islands were built of 4.9 million cubic feet of sand. The design is the logo of the LOGO Palm Developers. Emaar Development has taken possession of one ...
*
Nad Al Sheba Nad Al Sheba ( ar, ند الشبا) is a locality in Dubai, United Arab Emirates (UAE). Situated south of the Dubai Creek, Nad Al Sheba is best known for its racecourse, the Nad Al Sheba Racecourse, which hosted the Dubai World Cup annually unti ...
*
Nakheel Mall Nakheel Mall ( ar, نخيل مول) is a shopping mall on the Palm Jumeirah in Dubai, United Arab Emirates. Construction of the mall started in 2014 and it opened in 2019 at a cost of AED1.2 billion. The mall is accessible via the Palm Jumeirah ...
*
Nakheel Tower Nakheel Tower ( ar , بُرْجُ ٱلنَّخِيلِ) was a planned skyscraper on hold in Dubai, United Arab Emirates by developer Nakheel. The project was previously called Al Burj ( ar, ٱلْبُرْجُ "The Tower"). In January 2009, it ...
* Palm Gateway *
Palm Islands The Palm Islands are three artificial islands, Palm Jumeirah, Deira Island and Palm Jebel Ali, on the coast of Dubai, United Arab Emirates. The Palm Islands were conceived around the same time as The World, another artificial island project in ...
*
Palm Jebel Ali Palm Jebel Ali () is an artificial archipelago in Dubai, United Arab Emirates which began construction in October 2002, was originally planned to be completed by mid-2008 and has been on hold since. Creative Kingdom provided master planning ser ...
*
Palm Jumeirah The Palm Jumeirah is an archipelago of artificial islands on the Persian Gulf in Jumeirah, Dubai, United Arab Emirates. It is part of a larger series of developments called the Palm Islands, including Palm Jebel Ali and Palm Deira, which, ...
* Palm Tower *
Trump International Hotel and Tower Trump International Hotel may refer to: Current Five buildings are named Trump Hotels with four owned/operated by the Trump organization: * Trump International Hotel and Tower (Chicago) * Trump International Hotel and Tower (New York City) * Tru ...
*
The Universe The universe is all of space and time and their contents, including planets, stars, galaxies, and all other forms of matter and energy. The Big Bang theory is the prevailing cosmological description of the development of the universe. Ac ...
* Warsan Village *
The World In its most general sense, the term "world" refers to the totality of entities, to the whole of reality or to everything that is. The nature of the world has been conceptualized differently in different fields. Some conceptions see the worl ...
Retail project developments include
Ibn Battuta Mall The Ibn Battuta Mall is a large shopping mall on the Sheikh Zayed Road in Dubai, UAE, close to Interchange 6 for Jebel Ali Village. Overview Having around 275 shops, 50 restaurants, and over 4,500 parking spaces on a total of , Ibn Battuta is the ...
,
Dragon Mart Dragon Mart ( ar, سوق التنين) is a set of two adjacent shopping malls in Dubai International City, a suburb of Dubai, United Arab Emirates. Dragon Mart is 1.2 kilometre long and is the "largest Chinese retail trading hub outside mainland ...
1 and 2, Golden Mile Galleria,
Nakheel Mall Nakheel Mall ( ar, نخيل مول) is a shopping mall on the Palm Jumeirah in Dubai, United Arab Emirates. Construction of the mall started in 2014 and it opened in 2019 at a cost of AED1.2 billion. The mall is accessible via the Palm Jumeirah ...
, 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 also developed properties outside Dubai, in
Montenegro ) , image_map = Europe-Montenegro.svg , map_caption = , image_map2 = , capital = Podgorica , coordinates = , largest_city = capital , official_languages = M ...
for example.


See also

*
List of largest corporate profits and losses This page lists the largest annual and quarterly earnings and losses in corporate history. In general terms the oil and gas industry is the one generating both largest annual and quarterly earnings. In contrast, both the annual and quarterly losse ...


References

{{Dubai World Dubai World 2003 establishments in the United Arab Emirates Real estate companies established in 2003 Companies based in Dubai Property companies of the United Arab Emirates