Nakheel, the developer behind The Palm Jumeirah in Dubai, has secured Dh17 billion ($4.6bn) in a financing deal as it looks to expand amid a property boom in the emirate.
The agreement includes the refinancing of Dh11bn and additional funds of Dh6bn to support the development of new projects, including the Dubai Islands and other large waterfront projects, Nakheel said on Tuesday.
The Dh11bn refinancing agreement was reached through a syndicate of three banks — Mashreq Bank, Dubai Islamic Bank and Emirates NBD.
“Dubai’s real estate sector is recording robust growth, driven by regulatory reforms, such as the issuance of long-term visas, and a buoyant economy supported by the robust growth of retail, leisure and hospitality,” a Nakheel representative said.
The UAE property market has made a strong recovery this year, with Dubai recording the most robust performance in the first nine months of the year since 2011.
The volume of transactions in the nine-month period increased by 60 per cent, compared with a year earlier. It increased 14 per cent in the third quarter to 25,500 deals.
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UAE megaprojects 2022: 33 new developments in Dubai, Abu Dhabi and the Northern Emirates
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The Atlantis The Royal hotel in Dubai. It is set to open in March 2023. Getty Images -
The Mohammed bin Rashid Al Maktoum Solar Park Phase 5 in Dubai. Pawan Singh / The National -
The Dubai Urban Tech District is slated to create 4,000 jobs. Photo: URB -
Nakheel, the Dubai-based master developer, has unveiled a new vision for Dubai Islands. Photo Nakheel -
Uptown Tower is a new skyscraper set to open in Dubai later this year. Victor Besa / The National -
Al Quoz Creative Zone meeting to approve the master plan. The zone is to expand on a large scale. -
The AlJurf project on the coast between Abu Dhabi and Dubai. Courtesy IMKAN -
First look at the Mohammed Bin Rashed Library in Al Jaddaf, Dubai. Chris Whiteoak / The National -
The Natural History Museum Abu Dhabi's design alludes to natural rock formations, reflecting on the its mission of engaging the public with the natural world. Photo: DCT – Abu Dhabi -
The Louvre Abu Dhabi Residences by Aldar will come with spectacular views. Photo: Aldar -
Reem Hills on Reem Island. Courtesy Q Properties -
Masaar is a 19 million square foot project in Sharjah that will include 4,000 villas and townhouses in total. Courtesy Arada -
Aldar's Saadiyat Island mixed-use development. Credit: Aldar Properties -
Al Hamra, the leading lifestyle developer and investment company in Ras Al Khaimah, has announced the launch of an exclusive freehold luxury villa project – the Falcon Island - within the award-winning Al Hamra Village residential community. Photo: Al Hamra -
Museum of The Future lights up in Dubai. Antonie Robertson / The National -
Blizzard’s Bazaar, Snowflake Garden and Flurries’ Mountain are just some of the unique attractions that will welcome visitors at Snow Abu Dhabi at Reem Mall. Wam -
The steel structure that is Al Wasl Plaza - the heart of the Expo site. Courtesy: Expo 2020 Dubai -
Groundbreaking of Meydan One Mall took place in 2017. Courtesy The Meydan Group -
A dining area at Al Qana in Abu Dhabi. The waterfront destination is was about 90 per cent complete during the early months of 2021. Courtesy: Al Barakah International Investment -
The Rixos Marina Abu Dhabi dominates the skyline out towards Marina Mall. Victor Besa / The National -
Jubail Island will eventually house 5,000 residents. -
SeaWorld AbuDhabi will include six distinct realms which tell a unified and immersive “One Ocean” story and one of the world’s largest and most progressive indoor aquariums. Courtesy Abu Dhabi Government Media Office -
Both towers of One Zaabeel in Dubai have been topped out. -
The first new hotel to have opened on Yas Island in 12 years, the Hilton Abu Dhabi Yas Island is located on Yas Bay, beside the Etihad Arena. Courtesy Hilton -
Hatta is being transformed into an attractive local and international destination for business, investment and tourism. Photo: WAM -
Ciel wil be open by 2023 and is set to be the world's tallest hotel. Courtesy The First Group -
Dubai CommerCity's first phase has been launched. Reem Mohammed / The National -
Foundation work and tunnelling is being completed at the Abu Mureikha site in Abu Dhabi of the country's first traditional Hindu stone temple. Courtesy: BAPS Hindu Mandir -
An artist's illustration of the Abrahamic Family House to be built on Saadiyat Island in Abu Dhabi. Courtesy Edelman -
The Ruler of Sharjah, Sheikh Dr Sultan bin Muhammad Al Qasimi, opened Khor Kalba Fort and also viewed plans for a new museum. Wam -
Progress at the Dibba Fujairah Sports Club Stadium project in Al Ras, Dibba Fujairah. -
Railroad laying works for the second phase of the Etihad Rail project. Wam -
The Guggenheim Abu Dhabi is on track to be completed in 2025. Photo: Guggenheim Abu Dhabi
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The market has continued to rebound over the past year on the back of the UAE's broader economic recovery. The Arab world’s second-biggest economy is set to expand this year at its fastest pace in more than a decade.
The UAE economy is forecast to grow 5.4 per cent in 2022, according to the UAE Central Bank.
Emirates NBD, Dubai’s biggest lender, expects the economy to expand 7 per cent in 2022, setting up the country for its fastest annual expansion since 2011, when output grew by 6.9 per cent.
Meanwhile, Abu Dhabi Commercial Bank projects growth of 6.2 per cent, driven by both the oil and non-oil sectors of the economy.
“We are entering a new phase of growth … this new era of Nakheel will be defined by our commitment to developing exceptional communities, enhancing customer-oriented services and delivering value across all touch points,” the Nakheel representative said.
“Nakheel’s residential, retail and hospitality assets have recorded excellent growth despite the challenges of the pandemic.”
In September, the developer unveiled a selection of luxury residences on The Palm amid soaring property sales — which are at a 10-year high — in the emirate.
The launch of Palm Beach Towers 3 follows Palm Beach Towers 1 and 2, both of which are sold out.
In August, the developer unveiled a master plan for Dubai Islands, formerly known as Deira Islands.
“Over the past two years, Nakheel has also invested in building a strong assets portfolio and pipeline of new developments which will deliver consistent revenue growth in future years, and support the goals of the Dubai 2040 Urban Master Plan and ensure the health, well-being and happiness of citizens, residents and visitors,” the developer said.
Nakheel’s projects include The Palm Jumeirah, The World, Jumeirah Islands, Jumeirah Park, Jumeirah Village, Al Furjan, The Gardens, Discovery Gardens, Jebel Ali Village, Dragon City, Nad Al Sheba Villas, Warsan Village, International City and Dubai Islands.
