Nakheel plans new mall on the Palm to attract tourists

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By Aya Lowe, Staff Reporter  www.gulfnews.com

Dubai: Nakheel is looking to draw more tourists and new residents to the Palm Jumeirah with the addition of a new shopping mall.

    *  Image Credit: Supplied Picture     * The development will be named the Point and will cost an estimated Dh300 million.
* Image Credit: Supplied Picture * The development will be named the Point and will cost an estimated Dh300 million.

Located at the tip of the Palm Jumeirah, across the bay from Atlantis Hotel, ‘The Pointe’ will focus on its food and beverage and leisure offering. The 136,000 square metre mall will also feature computer-controlled fountains, a public walk, monorail access and boat rides between The Pointe and Atlantis Hotel.

“It will be a real tourist destination not only for The Palm residents but also for visitors. The population on the Palm Jumeirah is around 30,000 and we expect that to grow with all these new amenities. There will be new ideas which will enhance the Palm Jumeirah. These will be announced in the second half of this year,” Ali Rashid Lootah, chairman of Nakheel, said.

According to Lootah, the development will be worth at least Dh300 million. Nakheel is currently in talks with banks to raise project financing.

“We have all the financial options available. We’re in talks with banks who are showing interest,” Lootah said yesterday.

The project aims to be completed by the end of 2013.

Nakheel is also due to begin work on the Palm Jumeirah’s other retail offering, the Palm Mall, which will add a further 800,000-900,000 square feet of leasable retail space to the development.

“We hope we can launch it this year. Realistically, we would probably be able to launch sales in mid to end of February,” Lootah said. More info