Nakheel boosts investment in Deira Island to AED 7.5bn

Nakheel boosts investment in Deira Island to AED 7.5bn
Construction will begin in the fourth quarter of 2017, with phased delivery over two years.

Dubai – Mubasher: Nakheel on Thursday announced signing a contract for AED 165 million deal to build six marinas with APCC Piling and Contracting.

The deal increased the company's investments in infrastructure and construction at Deira Islands to more than AED 7.5 billion, the company said in a press release.

The marinas will accommodate a total of 614 boats and yachts up to 60 metres long, the company added, noting that construction will begin in the fourth quarter of 2017, with phased delivery over two years.

Deira Islands will have a population of 250,000 and create 80,000 jobs, as well as adding 40 km to Dubai’s coastline, including 21 km of beach, according to the press release.

“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.” , Nakheel Chairman Ali Rashid Lootah said, during the signing ceremony

Earlier in April, Nakheel had announced a contract for AED 4.2 billion to build Deira Mall, located at the heart of the development.

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Source: Mubasher

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