Thursday, Apr 19, 2012
DUBAI (Zawya Dow Jones)--Dubai-based real-estate developer Nakheel said Thursday it has awarded two separate contracts worth a total of 43 million U.A.E. dirhams ($12 million) for project work on the Palm Jumeirah.
The first contract for AED25 million was awarded to architecture company RSP for the design of The Palm Mall, a 1.7 million square foot retail complex set to open in 2014. Design work is due to finish by the end of this year, with construction starting early in 2013, Nakheel said in a statement.
The second contract for nearly AED18 million, was awarded to Al Marwan Contracting for infrastructure work on Frond N of the Palm Jumeirah. Work is expected to begin in the next few weeks and take around five months to complete. The work includes road networks, traffic signage, street lighting and storm water drainage.
Earlier this week, Nakheel posted a 33% rise in 2011 net profit, as it handed over properties and avoided any impairment charges, and said it expects to issue the third tranche of its AED4.8 billion sukuk to trade creditors by June.
-By Tahani Karrar-Lewsley, Dow Jones Newswires; +9714 446-1692; Tahani.Karrar@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
19-04-12 0904GMT
