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Nakheel, Limitless assets likely to be ‘forced' to sellon Dubai World overhaul
Published in The Saudi Gazette on 02 - 12 - 2009

Dubai World unveiled details late on Monday of a restructuring plan that would include its main property firms Nakheel and Limitless World, in a move covering $26 billion in debt that could include asset sales. Dubai World said it was seeking to renegotiate only the obligations held by Nakheel.
The restructuring efforts would not include other firms, which it said were financially stable, such as Infinity World Holding, Istithmar World and Ports & Free Zone World, which includes DP World, Economic Zones World, P&O Ferries and Jebel Ali Free Zone, or JAFZA.
Here are details of some key Nakheel and Limitless projects.
Nakheel projects value: $110 billion as of end 2008:
Palm Jumeirah, Palm Jebel Ali, Palm Deira
Palm Jumeirah is the most advanced in terms of completion of three man-made islands in the shape of palm trees off the coast of Dubai, which are visible from space. Trump Tower, a high-profile $789.5 million project planned on Palm Jumeirah, was suspended in December 2008 due to the global crisis.
The World
Reclamation on the 300 islands in the shape of the world's continents 4 kilometers offshore from Dubai is completed with a number of islands sold. The project, still in its early stages, will add more than 232 kilometers of new beachfront to the emirate's coastline. Mixed use private and commercial development.
Atlantis Dubai
The resort, which opened in November to a $50 million firework display, is a 50 percent joint venture between Nakheel and South African tycoon Sol Kerzner. Local investors had previously shown interest in buying a stake in the hotel.
Dubai Waterfront
A mixed-use commercial, residential, resort and amenity development in Jebel Ali, Dubai, planned for 1.5 million people.
Ibn Battuta Mall
One of at least 40 shopping malls in the seaside emirate. This completed themed mall is based on the travels of the 14th century Arab explorer, Ibn Battuta.
Discovery Gardens
A 26 million square feet residential community located next to Ibn Battuta Mall.
Al Maha Project
Redevelopment plans to expand Dubai's existing Mina Rashid land through land reclamation.
Dragon Mart
The largest trading hub for Chinese products outside mainland China which opened in 2004.
Limitless projects value: more than $100 billion:
Rasuna Epicentrum
Rasuna Epicentrum is a mixed-use $1.7 billion project in the Indonesian capital Jakarta, covering 33 hectares for a population of 40,000. 1.2 million square meters of office and residential towers. The development, open to foreign investors, will also have retail and entertainment facilities.
World Island Resort, Dubai
A 53 luxury villas and water home complex on a manmade island 14 kilometers off the Dubai coastline, and the first of several planned luxury hotels. The start date was end 2008 and end date 2010. Total cost $350 million.
Malaysia International Halal Park, Selangor
The world's first fully-integrated Halal center which includes homes, food manufacturing plants, training and research centers, offices and retail entertainment facilities, covering 1,115 hectares, for a population of 200,000.
Puteri Harbor, Malaysia
Waterfront homes with individual berthing and high-end condominiums. The project is worth $450 million and is 44 hectares.
Halong Star, Halong Bay, Vietnam
Mixed use development with residential units, hotels, and education, cultural and recreational facilities, overlooking Halong Bay, a Unesco-sanctioned world heritage site. The project is worth $220 million. Work on the 125-hectare project started in December 2007 and is due to be completed in 2012.
Sanaya Amman, Jordan
Residential twin towers topping 200 meters, which will be connected by the world's highest suspended swimming pool. Jordan's first ‘green' building with 500 luxury apartments as well as retail, entertainment and leisure plaza. The $300 million project was started in July 2008 it is expected to be finished in 2011.
Khimki Region, Russia
4,500 home development near Moscow which includes schools, retail and commercial elements. 50-50 joint venture with Russian developer RDI. The 113-hectare project is for a population of 12,000.
Al Wasl, Riyadh, Saudi Arabia
Mixed development near Riyadh, including 55,000 homes as well as mosques, educational facilities, offices, shopping malls and hotels. The project costs $12 billion and is 1,400 hectares.
Arabian Canal, Dubai
A 75 km man-made waterway and 14,000 hectare canalside city valued at $11 billion and $50 billion respectively. The project was meant to begin in December 2007 and mid-2009 with a phased completion over 15 years.
Bidadi, Bangalore, India
Mixed-use $12 billion development which includes 1,000 hectares of office/commercial space near Bangalore for a population of 750,000. The first of five new towns planned by the government for the outskirts of the city.
Downtown Jebel Ali, Dubai
Mixed-use $13 billion development, consisting of four quarters, each with its own individually-themed plaza. Downtown Jebel Ali will have nearly 330 buildings, including 237 residential towers. The start date for the 200-hectare project was January 2007 and the end date is in 2012.


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