Nakheel drives new growth phase

Master-developer Nakheel is progressing the new phase of its growth, and accelerating the development of its new projects including Dubai Islands and other large waterfront projects.

The Dubai-based developer has secured AED 17 billion in strategic financing deal to drive its growth. The refinancing of AED 11 billion has been secured through a syndicate of three banks, Mashreq Bank, Dubai Islamic Bank and Emirates NBD demonstrating strong financial foundations and long-term growth prospects of the company.

The transactions will further strengthen its financial position, and reflects the confidence of the banking institutions in the strategic new focus of the company. Nakheel’s residential. retail and hospitality assets have recorded excellent growth despite the challenges of the pandemic. The company’s fiscal focus, highlighted by efficient management of resources and a stable retail and hospitality portfolio, has gained the trust of its customers and financial institutions. 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, wellbeing and happiness of citizens, residents and visitors.

Progress on Tilal Al Furjan project

Nakheel has also appointed GINCO General Contracting and Bhatia General Contracting to undertake the construction works of its Tilal Al Furjan project.

GINCO General Contracting will work on the first phase of the project, comprising 235 units, while Bhatia General Contracting will work on second phase, comprising 246 units.

GINCO General Contracting brings to the project over 35 years of experience, specialising in construction, maintenance and rehabilitation of various commercial, industrial, residential and institutional establishments. Bhatia General Contracting has delivered over 250 projects over four decades, earning its reputation as a leading civil contractor since its establishment in 1975.

Located within the Al Furjan master community, Tilal Al Furjan will be a gated community with an ocean of lush, green landscaping and expansive outdoor spaces. A collection of four- and fivebedroom villas, Tilal Al Furjan will offer residents an elevated lifestyle, stylish homes and a host of curated amenities for families.

Homes are connected by cycle paths and walk-ways leading to shared community spaces, encouraging community integration. Residents will benefit from large pools with kids’ pools, tennis and basketball courts, shaded play areas, family picnic areas and outdoor barbeque areas.

The project has sold out, illustrating the strong demand for Nakheel’s developments, and handover of the project is expected by end of 2024.