Sheikh Mohammed has approved the construction of Nakheel Mall.
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Nakheel will begin construction of the Nakheel Mall in the Palm Jumeirah this year following orders from His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister and Ruler of Dubai. The project will cost $680mn.
“Construction on Nakheel Mall will start this year. It’s a priority for 2013. It’s an exciting destination development for the Palm and will benefit residents and tourists,” a Nakheel spokesperson told Gulf News.
Nakheel Mall will cover over one million square feet and will be located at the top of the trunk in the Palm Jumeirah. RSP was announced as the designer of the mall last year when Nakheel announced plans for its Palm Mall.
Sheikh Mohammad gave the signal for the commencement of the projects after a briefing by company chairman Ali Rashid Lootah on Nakheel ‘s future investment projects.
Sheikh Mohammad also ordered the start of work on the $217.8mn The Pointe retail project at Palm Jumeirah, according to WAM. He asked for the addition of new attractive elements to attract tourists and investors from around the world.
Retail has been a significant component for the company’s growth. Nakheel recorded growth in leasing revenues last year, with retail revenues up 23% in 2012 compared to 2011, according to results announced last month.