Retailers on the Golden Mile development on the trunk of Palm Jumeirah can now expect to move in after an out-of-court agreement.
Nakheel will acquire all unsold units in the Golden Mile, including residential, office and retail space. Souq Residences, against which it started a legal proceeding in 2010, is relieved of liabilities.
Around 430,000 square feet of retail and office space is available at the 10-building complex, Nakheel said. There are a total of 860 residential units, but Nakheel declined to comment on how many are yet to be sold.
As of September, 27 retailers were waiting to move into the development. All of them signed contracts with Souq Residences a few years ago.
These include Waitrose, Beyond the Beach, Starbucks, the restaurant Wagamama, Mothercare, Pinkberry, Boots, Party Zone, Loft Fifth Avenue Salons and N Style.
After such a long wait, the retailers are reluctant to proclaim victory.
“The big question is whether they would honour the contracts,” said Steven Holbrook, the chief executive at retailers Al Boom Marine. He signed a contract with Souq Residences about four years ago.
Golden Mile and Souq Residence are both joint ventures between Kuwait’s IFA Hotels and Resorts and the Dubai World subsidiary Istithmar.
Jacob Hrayki, who is looking to bring a Loft Fifth Avenue salon to the Golden Mile, said he has received an email from IFA saying that Nakheel has full ownership of the Golden Mile development, including residential and retail components.
When asked to comment, IFA referred questions to Nakheel. A Nakheel spokeswoman said: “We will communicate directly with retailers in due course.”
“We have come to an agreement that is satisfactory and beneficial to all parties,” the Nakheel chairman Ali Rashid Lootah said.
The Golden Mile was launched in 2005. But the development became entangled in a legal row when Palm Jumeirah’s master developer Nakheel brought a US$27.21 million lawsuit against Souq Residences before Dubai World Tribunal.
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Sweet%20Tooth
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The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
The flights: South African Airways flies from Dubai International Airport with a stop in Johannesburg, with prices starting from around Dh4,000 return. Emirates can get you there with a stop in Lusaka from around Dh4,600 return.
The details: Visas are available for 247 Zambian kwacha or US$20 (Dh73) per person on arrival at Livingstone Airport. Single entry into Victoria Falls for international visitors costs 371 kwacha or $30 (Dh110). Microlight flights are available through Batoka Sky, with 15-minute flights costing 2,265 kwacha (Dh680).
Accommodation: The Royal Livingstone Victoria Falls Hotel by Anantara is an ideal place to stay, within walking distance of the falls and right on the Zambezi River. Rooms here start from 6,635 kwacha (Dh2,398) per night, including breakfast, taxes and Wi-Fi. Water arrivals cost from 587 kwacha (Dh212) per person.
Fixtures and results:
Wed, Aug 29:
- Malaysia bt Hong Kong by 3 wickets
- Oman bt Nepal by 7 wickets
- UAE bt Singapore by 215 runs
Thu, Aug 30:
- UAE bt Nepal by 78 runs
- Hong Kong bt Singapore by 5 wickets
- Oman bt Malaysia by 2 wickets
Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal
Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore
Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong
Thu, Sep 6: Final
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
