Nakheel investment in Deira Islands surges to Dh7.5b

Master developer Nakheel has now invested more than Dh7.5 billion in infrastructure and construction at Deira Islands, with the latest - a contract for Dh165 million deal to build six marinas - signed this week. Nakheel has appointed UAE-based APCC Piling and Contracting LLC to construct the marinas, which will accommodate a total of 614 boats and yachts up to 60 metres long. Construction will begin in Q4 2017, with phased delivery over two years.

In August, Nakheel confirmed new contracts worth Dh430 for Deira Islands, and in April announced a contract for Dh4.2 billion to build Deira Mall, located at the heart of the development.

Speaking at the signing ceremony, Nakheel Chairman Ali Rashid Lootah said: "We are investing billions of dirhams to deliver Deira Islands and transform Dubai's Deira district into a world class hub for tourism, retail, leisure and entertainment. "Our new coastal city, being developed in line with the Government of Dubai's vision for 2021, paves the way for hundreds of hotels, residences and attractions, many of which we are developing ourselves under our business diversification strategy."

Deira Islands, which will have a population of 250,000 and create 80,000 jobs, will add 40km, including 21km of beach, to Dubai's coastline.

Source: Khaleej Times