Nakheel signs Dhs105m contract

Nakheel signed Dhs105 million contract for beach profiling works on Palm Jumeirah. Nakheel has appointed Van Oord International Dredging and Offshore Contractor for beach profiling works on Dubai’s prestigious Palm Jumeirah Island, one of the most sought-after locations in the world. The profiling work is set to commence as of the third week of September 2012, for a span of seven months. It will include using prime quality sand on the Eastern and the Western edges of the Palm Jumeirah trunk, and the recently launched Palma Residences project. Van Oord will also handle the re-profiling of the water edge along some of the Palm Jumeirah Fronds. According to the developer, “Van Oord International will be “using prime quality sand on the eastern and the western edges of the Palm Jumeirah’s trunk... as well as handle the re-profiling of the water edge along (some of) the Palm Jumeirah island’s fronds.” Last month, Nakheel said it had sold a plot of land on Palm Jumeirah for Dhs400m ($109m). Nakheel said the sale showed there were “clear signs of renewed investor confidence in Dubai real estate and in particular for unique products such as those offered on Palm Jumeirah.” In July, Nakheel said its first-half profits jumped 36 per cent, buoyed by property handovers on several projects. The developer said net profit was Dhs767 millionin the first six months of the year, up from Dhs62 million in the year-ago period. Nakheel said recently it has repaid lenders Dh211 million, as part of its debt restructuring. “Nakheel released today profit and interest payments equivalent to Dh211 million to its lenders. The payments were due at the end of August 2012 in accordance with the restructuring commitments,” the company said in an emailed statement. From gulftoday