Nakeel, the top constructing and leading developers of Dubai
expect to have nine hotel projects under development by 2016. These will be
part of new projects that Nakheel plans to reveal this year, which includes
homes, retail and leisure locations. The sales value will be 6 billion dirhams
($1.63 billion) to 8 billion dirhams, Bloomberg reports .According to
the plan four new hotels will be built on Deira Island, located on its palm island. The company also plans four other developments across the rest of the
city, Chairman Ali Rashed Lootah said at a news conference.
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| Dubai Palm Island |
"We are seriously thinking of expanding in hospitality, which goes along
with the vision of the Dubai government of trying to build enough
facilities," Lootah said. "By 2016, we will have nine hotels and more
to be announced."
Due to Dubai's real estate bubble bust Nakeel came under a
severe financial crisis but was rescued by a government’s bailout in 2009.
Earlier this month the developer announced it plans to pay AED6.8billion ($1.9
billion) of its debt one year ahead of schedule.
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