The Dubai government has restructured the board of Nakheel, the troubled realty arm of debt-ridden company Dubai World, naming Ali Rashed Ahmed Lootah as new chairman.
DLF Ltd is forging a 50:50 joint venture with Nakheel, a large property developer of the UAE, for two integrated townships in India at a whopping investment of $10 billion.
As the trading opened for the first day after long Eid break, shares in the debt ridden Dubai World conglomerate, of which Nakheel forms a part dropped more than 15 per cent.
Adorned with over 3,000 LED lights, Dubai's only multicoloured fountain, designed with colour and brightness controls, will be open to the public all year round.
Called Signature Villa, the property was gifted to him by Nakheel Public Joint Stock Company. The dispute was over whether this was a gift or payment for services Khan had rendered to the company.
Realty major DLF and Bharat Hotels, owners of The Grand group of hotels, are working towards a joint venture for developing and running hotels. While DLF will own the land and be in charge of the actual construction of hotels, the latter will operate
India's largest real estate firm DLF plans to invest about $24 billion for developing two townships in collaboration with Dubai-based Al Nakheel over a period of six years.
The World islands are composed mainly of sand dredged from Dubai's shallow coastal waters.
The global rating agencies S&P and Moody's have downgraded the credit ratings for several government-related entities in Dubai on fears about the government's failure to provide timely financial support to them.
The restructuring move by Dubai World is likely to ease investor sentiment globally. Markets across the world went into a tailspin following the November 25 announcement by Dubai.
Things have now gone from bad to worse after Nakheel, the island's developer, and its parent company Dubai World yesterday made a request to suspend debt repayments. Star footballers Michael Owen, Joe Cole, Andy Cole, David James and Kieron Dyer are all thought to have bought homes on the manmade island.
The government on Friday said that as many as seven banks in India, including SBI and ICICI Bank, had exposure worth $537 million in Dubai World and other group companies at the time of the Emirate's debt crisis in November 2009.
The Dubai government said on Monday that Abu Dhabi has agreed to give $10 billion in emergency funds that will go toward paying debts owed by its Dubai World conglomerate. It said $4.1 billion of the money will be used to pay off the debt from Dubai World's Nakheel property divisions that are due today (Monday).
To be built at a cost of $350 million, the proposed World Island Resort, will be located on the north-east of The World development, the waterfront development of Dubai's masterdeveloper Nakheel. The CEO of 'Limitless', Saeed Ahmed Saeed, said the company will draw on its expertise in waterfront development and the creation of distinctive projects.
Leading United Arab Emirates-based firms, especially in the real estate sector, have joined the list of global companies, targetting investments in India in hotels, malls, healthcare, housing, IT parks and integrated townships.
The project will entail an investment of over Rs 60,000 crore (Rs 600 billion) and will be developed in a 50:50 joint venture with the Dubai-headquartered Limitless Holdings, a sister company of Nakheel and a part of the diversified Dubai World group
Property developers from Dubai have decided to paint the map of the world on the Arabian sea and call it 'The World'
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