Nakheel Properties

Nakheel was founded in 2003 as a subsidiary of state-owned Dubai World and a private state-owned enterprise.{{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}}

The company was involved with a sukuk, which raised legal issues in 2009.{{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 }}{{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}} This sukuk has been the subject of academic study.{{cite journal| title=Dubai Debt Crisis: A Legal Analysis of the Nakheel Sukuk | last=Salah | first=Omar | journal=Publicist | volume=4 | issue=1 | year=2010 | pages=19–32 | url=http://heinonline.org/HOL/Page?handle=hein.journals/public4&div=5 }}{{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 }} It was reported to be the largest ever sukuk.{{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 }}{{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}}

In 2010, Sultan Ahmed bin Sulayem was replaced as chairman of Dubai World.{{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 }}{{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}} The same year, the company started payments for creditors.{{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 }} In 2011, the company undertook 59 billion dirham ($16 billion) of debt restructuring.{{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 }} 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.{{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 }}{{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}} In 2012, the company was the subject of a study by the American University of Sharjah on corporate governance along with Tamweel.{{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}}

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.{{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 }}{{cite web| url=https://www.britannica.com/topic/Nakheel | title=Nakheel – Emirian real-estate company | website=Britannica | accessdate=4 October 2021 }} In 2017, the company achieved $1 billion net profit in nine months, delivering 1,200 units with 23,000 under construction in Dubai.{{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 }} 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.{{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 }}{{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}}

In January 2020, Mohammed Ibrahim Al Shaibani took over as chairman from Ali Rashid Lootah.{{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}}{{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=The Business Times | location=Singapore | language=en}} 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.{{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}} In November 2020, Naaman Atallah was appointed as the company's chief executive officer.{{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}}

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

After a $4.6 billion debt restructuring deal, Nakheel relaunched the Palm Jebel Ali project, having stalled since 2008,{{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}}{{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}} building 1,700 villas and 6,000 apartments on the man-made islands,{{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}} having previously contacted existing investors offering to buy back their contracts for plots and properties.{{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}}{{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}}{{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}}

Nakheel prospered until the 2008 financial crisis led to 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 ($3.65 billion) in the first half of 2009,{{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}} and despite a cash bail-out in May,{{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}} 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,{{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}} due to which it requested a stay on debt payments, and consequently, it was downgraded to junk status.{{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}} However, on 14 December 2009, in the nick of time, neighbouring Abu Dhabi invested $10bn in Dubai, warding off Nakheel's debt default,{{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}} 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.{{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}} 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.

File:Palm Jumeirah Model on 12 January 2008 Pict 1.jpg at the Nakheel Sales Centre in 2008]]

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

{{div col|colwidth=15em}}

• Palm Jebel Ali
• Jebel Ali Village
• Al Furjan
• Tilal Al Furjan
• Murooj Al Furjan
• Discovery Gardens
• Ibn Battuta Mall
• The Gardens
• Garden Apartments
• Garden View Villas
• Garden View Apartments

• Jumeirah Heights
• Jumeirah Islands
• Jumeirah Park
• Jumeirah Lake Towers
• Lake Shore Towers
• Jumeirah Village
• Marina Residences
• Palm Jumeirah
• Palm Tower
• Palm Beach Towers
• Nakheel Mall
• Logo Islands

• Nad Al Sheba Villas
• Warsan Village
• The World Islands
• Al Jaddaf Culture Village
• Dragon City{{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 }}
• Dragon Mart
• Dubai International City
• Dubai Islands
• Dubai Maritime City
• Naya 3 District One

{{div col end}}

Retail project developments include Ibn Battuta Mall, Dragon Mart 1 and 2, Golden Mile Galleria, Nakheel Mall,{{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 }} 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 has also developed properties outside Dubai, in Montenegro for example.{{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 }}

• List of largest corporate profits and losses

{{Reflist}}

{{Dubai World}}

Category:Dubai World

Category:2003 establishments in the United Arab Emirates

Category:Real estate companies established in 2003

Category:Companies based in Dubai

Category:Real estate companies of the United Arab Emirates