Nakheel is set to develop two new projects that it says will significantly add to the retail facilities currently offered on the Palm Jumeirah.
Nakheel plans Dh300 million shops project for Dubai's Palm Jumeirah
Nakheel is set to develop two new projects that will significantly add to the retail facilities currently offered on the Palm Jumeirah.
The developer is talks with banks to raise at least Dh300 million to build 500,000 square feet of retail space on the tip of the Palm, near the Atlantis hotel, which will include a public walk, shops, fountains and restaurants.
The company is also set to begin work on the much-anticipated Palm Mall this year, which will offer 800,000-900,000 square feet of leasable retail space, according to Ali Rashed Lootah, Nakheel chairman.
"There are currently about 30,000 residents on the Palm, which does not include all the all of the tourists that also visit. It's a destination that is hungry for retail facilities," said Mr Lootah. "It's unique in concept and unique in location and design."
Nakheel expects the project on the tip of the Palm to be finished by the end of 2013, at the latest, with the Palm Mall to be completed some time after then. Mr Lootah declined to comment on where the Palm Mall would be constructed.
He said retailers had been calling Nakheel already and showing interest in the new development on the tip of the Palm, which would be focused on food and beverage shops and in becoming a leisure destination, like The Walk on Jumeirah Beach Residence.
"It's The Walk, but it is designed in a different way," said Mr Lootah. "I would expect that given such a location and type of ambience, there will be a lot of food and beverage outlets."