Nakheel Properties

Nakheel Properties (palms or palm trees, often just Nakheel) is a property developer based in Dubai, United Arab Emirates. The formal name of the company is Nakheel PJSC (Private Joint Stock Company) and it is a private state-owned company – a State-Owned Enterprise (SOE).
The company has been reported to be the second-largest property developer in Dubai after Emaar Properties. It has been described as a leading UAE property developer and one of the world’s largest real estate developers.
==History==
The company was founded in 2003. In 2009, the company received a cash bail-out. Later that year, a stay on debt payments for the company was requested. The company was involved with a sukuk, which raised legal issues in 2009. This sukuk has been the subject of academic study. It was reported to be the largest ever sukuk. In 2010, Sultan Ahmed bin Sulayem was replaced as chairman. In the same year, the company started payments for creditors. In 2011, the company undertook Dhm59 billion (US$16 billion) of debt restructuring. On 6 July 2011, Dubai World’s board of directors announced that Nakheel's legal ownership would be transferred to the Government of Dubai upon completion of the company's financial restructuring. In 2012, it was the subject of a study on corporate governance along with Tamweel Properties & Investments.
In 2013, the ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, approved US$898 million of funding for the company and ordered work to start on two major projects on the Palm Jumeirah. The company achieved US$1 billion net profit in nine months, delivering 1,200 units with 23,000 under construction in Dubai during 2017. Also in 2017, Nakheel awarded a US$410 million contract for the Palm Gateway to the company Shapoorji Pallonji Mideast to construct a three-tower residential, retail, and beach club complex.
In early 2020, Mohammed Ibrahim Al Shaibani took over as chairman from Ali Rashid Lootah. Later in the same year, Naaman Atallah was appointed as the company's chief executive officer (CEO). In May 2020 it was reported some employee's salaries were cut between 30–50% for senior staff due to the COVID-19 pandemic.
File:Palm Jumeirah Model on 12 January 2008 Pict 1.jpg|thumb|A model of Palm Jumeirah at the Nakheel Sales Centre in 2008
==Portfolio==
Nakheel Properties has a portfolio of projects in Dubai across the residential, retail, hospitality and leisure sectors. Major developments include Palm Jumeirah, The World (archipelago)|The World, Deira Islands, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Jumeirah Heights, The Gardens, Dubai|The Gardens, Discovery Gardens, Al Furjan, Warsan Village, Dragon City, Dubai International City|International City, Jebel Ali Gardens, and Nad Al Sheba. Retail project developments include Ibn Battuta Mall, Dragon Mart 1 and 2, Golden Mile Galleria, Nakheel Mall, The Pointe, Deira Mall, Deira Islands Night Souk, Warsan Souk, Al Khail Avenue, The Circle Mall and Nad Al Sheba Mall, as well as extensions to Dragon Mart (renamed Dragon City) and Ibn Battuta Mall.
Nakheel has been responsible for many property development projects, including the following:
* Al Furjan
* Culture Village
* Deira Islands
* Discovery Gardens
* Dragon City
* Dubai International City
* Dubai Maritime City
* Dubai Waterfront
* The Gardens, Dubai
* Ibn Battuta Mall
* Jebel Ali Village
* Jumeirah Bay
* Jumeirah Islands
* Lake Shore Towers
* Logo Islands
* Nakheel Tower
* Nakheel Mall
* Palm Gateway
* Palm Islands
* Palm Jebel Ali
* Palm Jumeirah
* Palm Tower
* Trump International Hotel and Tower (Dubai)|Trump International Hotel and Tower
* The Universe (Dubai)
* The World (archipelago)
Nakheel has developed properties abroad as well, for example in Montenegro.
Category:2003 establishments in the United Arab Emirates
Category:Real estate companies established in 2003
Category:Companies based in Dubai