NAKHEEL

[Blizzy]

/del

[Parisian Girl]

By Staff | Published Wednesday, May 25, 2011

Nakheel properties has no plans to change a 10 per cent profit rate on its Dh4.8 billion sukuk (Islamic bonds) which it intends to issue towards the end of June, a newspaper said on Wednesday.

The Arabic language daily Al Khaleej quoted an unnamed responsible source in Nakheel as saying market reports about an imminent change in the profit rate were incorrect.

http://www.emirates247.com/business/...05-25-1.397233

[Parisian Girl]

Asa Fitch | May 30, 2011

Nakheel has scored a victory in the Dubai World Tribunal on a ruling that a subsidiary developing the man-made World islands can ask for licensing fees from a company providing services for the project.

The Tribunal, which is overseeing claims against companies owned by Dubai World as part of the conglomerate's restructuring, last week dismissed a case brought by Penguin Marine Boat Services against The World.

Penguin had alleged that by not going forward with the project, the Nakheel subsidiary had breached a contract signed in 2008 under which Penguin was to build a port and handle delivery of construction materials and labour to projects on the islands.

Its case was a response to an earlier demand by The World for Penguin to repay Dh1.86 million (US$506,384) of advance payments plus licensing fees of Dh5m per year for two years and seven months of operations, for a total of Dh14.8m. Penguin had taken out bank guarantees and performance bonds to cover its obligations, which The World had indicated it might cash.

The Tribunal, however, agreed with The World's contention that the project had not been shelved, clearing the way for it to demand payment.

http://www.thenational.ae/business/p...penguin-marine

[Dubaiiscool:)]

5 June 2011


Proposed rule amendments in line with evolving case requirements
New rules available on Tribunal website for one month period starting June 5
Public consultation underpins commitment to transparency and independence

In line with its commitment to transparency and judicial independence, the Special Tribunal for Dubai World has proposed to amend the Rules that it currently applies, by way of public consultation. These amendments, which are based on judicial and Tribunal users' experience and case requirements, will be made available for a one month period starting June 5 on the Tribunal's website.

The Special Tribunal Related to Dubai World was established on December 13, 2009, by Decree no. 57 of 2009 (subsequently amended by Decree 11 of 2010). The Decree provides that "the rules applied by the Tribunal shall be the Rules of the DIFC Court as may be amended by the Tribunal." Following public consultation, amendments will be made to the Rules of the DIFC Courts, which shall then be referred to as the "Special Tribunal Rules." Any such amendments will not, however, affect or adjust the rules currently applied by the DIFC Courts.

"The purpose of the proposed amendments is further to enhance the efficiency and accessibility of the Special Tribunal Related to Dubai World," said Sir Anthony Evans, Chairman of The Special Tribunal Related to Dubai World. "Since its inception, the Tribunal has heard various cases pertaining to Dubai World and remained committed to delivering swift and fair justice. Based on its case experience in this period, the Tribunal has proposed to adapt certain areas of the DIFC Courts' rules first applied, to better fit and strengthen the Tribunal's evolving requirements."

So as to ensure the proposed amendments are in line with users' needs, they have been made available for general public to review and provide feedback on. The new rules can be accessed at www.dubaiworldtribunal.ae.

http://www.zawya.com/story.cfm/sidZAWYA20110605094032

[Parisian Girl]

CEO's contract ends; Manchanda to be acting CEO

By Staff | Published Wednesday, June 08, 2011


Chris O'Donnell (File)

Nakheel on Wednesday announced the departure of its Chief Executive Officer Chris O’Donnell after completing his contract terms.

Sanjay Manchanda will be replacing O’Donnell as acting CEO until further notice.

"Chris has decided to leave Nakheel following five years spent with the company. Mr. Manchanda is currently the Chief Finance Officer of the company. The Board of Directors of Nakheel wish Mr. O’Donnell all the best in his new endeavours," said a Nakheel statement.

O’Donnell has over 30 years’ experience in the property industry. Before joining Nakheel in June 2006, he spent five years as managing director of the Investa Property Group in Australia where, under his leadership, the Australian Stock Exchange listed company increased its funds under management from A$800 million (Dh2.7bn) to A$6.2 billion.

A number of transactions were conducted during this period including a hostile takeover of Principal Office Fund (A$1.9bn) in 2003 and the acquisition of one of the largest residential property companies in Australia, Clarendon Property Group Pty Limited (A$645m) in 2005.

O’Donnell has also held other senior executive positions with prominent Australian organisations including Lend Lease, Leighton and Westpac Banking Corporation.

http://www.emirates247.com/business/...06-08-1.401814

[Parisian Girl]

By Reuters | Published Friday, June 10, 2011

Real estate developer Nakheel said on Thursday it had secured over 98 per cent, or near unanimous, approval for its $10.9 billion debt restructuring plan from banks.

"The company expects to secure confirmation from the remaining banks over the next few days, following which Nakheel will proceed to the completion phase of the restructuring, which will include a subsequent issuance of a sukuk (Islamic bond) to the company's trade creditors," the firm said in a statement.

Under Nakheel's restructuring proposal, trade creditors would receive repayment through 40 per cent cash and 60 per cent in the form of a $1.63 billion Islamic bond, expected by the end of the first half.

The firm said in March that 91 per cent of its trade creditors had given the deal a stamp of approval, but it needed to reach a 95 per cent "restructuring threshold" to push the proposal through among trade creditors.

http://www.emirates247.com/property/...06-10-1.402031

[Parisian Girl]

By Shane McGinley | Monday, 13 June 2011 5:11 PM


Jumeirah Golf Estates saw work suspended on two of its four golf courses in 2009

Nakheel, the indebted real estate arm of state-owned Dubai World, will receive funds from Dubai to complete the delayed Jumeirah Golf Estates project, the company said Monday.

“The government of Dubai has committed to providing significant financial support to Jumeirah Golf Estates… our contractors have recommenced work at the development,” the company said in an emailed statement.

Jumeirah Golf Estates, home to the Dubai World Championship, saw work suspended on two of its four golf courses in 2009 following difficulties over contractor payments.

The 306-home real estate development was launched by Dubai World subsidiary LeisureCorp and is scheduled for completion in 2012.

Leisurecorp’s activities were merged with those of Nakheel in June last year.

Nakheel said Friday it had won near-unanimous approval from financing banks for its plan to restructure $10.9bn in debt.

Company CEO Chris O'Donnell left Nakheel last week “after completing his contract terms,” the developer said.

Nakheel was one of the biggest casualties of Dubai’s real estate downturn, which saw prices halve from their 2008-peak and almost half of developments in the emirate cancelled.

The developer's inability to meet its debt obligations, in the wake of a property collapse and the global credit crunch, helped trigger Dubai's debt crisis in 2009.

http://www.arabianbusiness.com/nakhe...es-404998.html

[ezzahi]

the new promotions in JIC house
http://jumeirah-island-club.blogspot.com/

[xingu]

Originally Posted by Parisian Girl

By Shane McGinley | Monday, 13 June 2011 5:11 PM


Jumeirah Golf Estates saw work suspended on two of its four golf courses in 2009



http://www.arabianbusiness.com/nakhe...es-404998.html

This round of funding will not get the other courses built, the project will still be far from 'complete'

Might be able to get the clubhouse done and commence work on the houses, my guess is that the stuff round 17th and 18th hole on Earth will still look embarrasingly incomplete by the time the DWC comes round at the end of the year

[Face81]

Rebecca Bundhun

Jun 14, 2011

Work has restarted on the unfinished Jumeirah Golf Estates property development, home to the final leg of the Race to Dubai golf tournament.

The residential luxury project, said to be nine times the size of Hyde Park in London, was designed to have golf courses named after the four elements - earth, water, wind and fire - but only two have opened.

Some owners have protested they have been unable to move into their multimillion-dirham villas because the infrastructure, including water and electricity, is not ready. Other villas have yet to be completed.

"The Government of Dubai has committed to providing significant financial support to Jumeirah Golf Estates," Nakheel, the developer, said yesterday. "In turn, we are committed to managing and delivering this key project for Dubai. Our contractors have recommenced work at the development. We are liaising with all Jumeirah Golf Estates customers in relation to the project's progress."

Nakheel said it had been appointed by the Dubai Government "to manage and deliver the Jumeirah Golf Estates project, with over 306 homes scheduled for completion in 2012".

It was announced last year that Nakheel would receive US$8 billion (Dh29.38bn) to finish near-term projects under a restructuring proposal presented in March by Dubai World, its parent company.

"It's certainly positive news that there's a strong commitment to get it going," said Matthew Green, the head of research and consultancy at CB Richard Ellis in Dubai.

"It was always going to be a development which would be in the spotlight," added Mr Green. "I think it's important certainly from the government standpoint that they should get this moving again and for the next tournament hopefully we're going to start to see some more completed properties there."

The Earth golf course, designed by former champion golfer Greg Norman, opened late 2009 at the Jumeirah Golf Estates, while the Fire course, also designed by the Australian, opened at the beginning of last year.

Golf courses are widely considered to be amenities that increase the prices of surrounding property.

A number of golf projects were launched by developers in Dubai before the downturn in the property market, including the Tiger Woods Dubai, which was planned to be surrounded by 22 palaces and 75 mansions. To date just a few of the holes have been shaped and grassed, and the future of the development remains uncertain. The planned 510-hectare Golf City development slated to be part of Dubailand was to have five courses and hundreds of villas.

Nakheel's projects include Jumeirah Village, Jumeirah Park, Jumeirah Heights Clusters, The World archipelago, Palm Jebel Ali and Palm Deira.

Mr Green said there was a strong likelihood there would be more such announcements of resumption of work on some of Nakheel's unfinished projects in the coming months.

http://www.thenational.ae/business/p...ty-development

[Parisian Girl]

Originally Posted by xingu

This round of funding will not get the other courses built, the project will still be far from 'complete'

Might be able to get the clubhouse done and commence work on the houses, my guess is that the stuff round 17th and 18th hole on Earth will still look embarrasingly incomplete by the time the DWC comes round at the end of the year

Yep, just enough to keep people at arms length I guess. This is how it is nowadays.

Still, I'd rather have something happening than nothing at all.

[Parisian Girl]

By Parag Deulgaonkar | Published Tuesday, June 14, 2011

Dubai-based master developer Nakheel has said it will not be able to pay utility and service providers if there are no funds in building accounts of Discovery Gardens, resulting in service disruption.

“As the letter is self explanatory that to continue the services and pay the utility provider, we need sufficient fund to keep the building up and running. If there is no fund in the building account we will not be able to pay the utility charges & service provider which may result in disruption. Service disruption will depend on the service providers,” a Nakheel spokesperson told Emirates 24|7.

Asked about the total outstanding from Discover Gardens owners, she said: “ The outstanding amount varied building by building as each building had a different rate of service charges. Each building has a different cost of operation so the utility and service provider’s charges differ building by building.”

On Sunday, this website reported that Nakheel had warned property owners in Discovery Gardens to pay their outstanding building service charges within 15 days, or else face disruption of utilities and services.

In a notice put across some of the buildings in Discovery Gardens, the master developer said due to accumulation of building service charges, payment has not been made to utilities and services for certain billing period(s), which may result in disruption of services as well as services provided by third party suppliers with no fault of Discovery Gardens Co.

The notice said owners are requested to pay the outstanding building service charges within 15 days from the date of the letter (June 9) and without further delay in order to avoid disruption of the above mentioned services.

On March 5, this website had reported that Nakheel was contemplating taking legal action against property owners who were not paying service charges.

Rajiv G, in his comment on this website, said he believed service charges and the chiller fees charged by Nakheel for Discovery Gardens was not in-sync with the services and amenities provided.

“I believe this is one major reason why owners dispute on paying these charges. Nakheel should revise their charges and be transparent about it,” he added.

http://www.emirates247.com/property/...06-14-1.402635

[xingu]

Originally Posted by Parisian Girl

Yep, just enough to keep people at arms length I guess. This is how it is nowadays.

Still, I'd rather have something happening than nothing at all.

Agreed, if they can get the houses done, infrastructure in and them a good level of occupancy it will transform the project.

Anyone who believes they are going to finish the project however probably also believes that the police/RTA will achieve their goal of zero deaths on the road by 2020

[Parisian Girl]

Originally Posted by xingu

Agreed, if they can get the houses done, infrastructure in and them a good level of occupancy it will transform the project.

Anyone who believes they are going to finish the project however probably also believes that the police/RTA will achieve their goal of zero deaths on the road by 2020

Well good luck!!

[ezzahi]

http://jumeirah-island-club.blogspot.com

[Parisian Girl]

Master developer has already secured over 98% approval for its restructuring plan

By Parag Deulgaonkar | Published Sunday, June 19, 2011

Nakheel said today it has paid Dh5 billion to its trade creditors after having secured 98 per cent approval for its $10.9 billion debt restructuring plan earlier this month.

“We are pleased to announce that Nakheel has to date made payments of Dh5 billion to its trade creditors," the company said in an emailed statement.

It added that today’s announcement marks a significant progress in its recapitalisation plan following on from the initial payments to trade creditors of Dh500,000 or less, which commenced in March 2010.

In March, the company had paid Dh4.6 billion to the trade creditors.

Earlier this month, Nakheel said it had secured over 98 per cent, or near unanimous, approval for its restructuring plan. It had aimed to reached the threshold limit of 95 per cent before end of 2010.

Under the restructuring proposal, trade creditors would receive repayment through 40 per cent cash and 60 per cent in the form of a $1.63 billion Islamic bond, expected by the end of the first half.

This website reported earlier that Nakheel will separate from Dubai World, its parent company, and become a government-owned entity after June

"Nakheel separation has not occurred as yet, but will happen once the restructuring is finalised which is due to be completed by June," a company spokesperson had said.

http://www.emirates247.com/business/...06-19-1.403503

[Parisian Girl]

By Parag Deulgaonkar | Published Monday, June 20, 2011

Dubai-based master developer Nakheel has not given up the idea of building the Palm Mall, Palm Jumeirah, and the project has not been cancelled, Emirates 24/7 can reveal.

http://www.emirates247.com/property/...06-20-1.403666

[Parisian Girl]

By Parag Deulgaonkar | Published Tuesday, June 21, 2011

Nakheel said today it will complete it debt restructuring process “soon” and has achieved the threshold of trade creditors eligible for receiving the sukuk.

“Nakheel has achieved the agreed threshold for the trade creditors that are eligible for receiving the sukuk. This is a significant milestone achieved by Nakheel in its restructuring,” the company said in a statement.

“Nakheel is making good progress on the restructuring process with the aim to completing the restructuring soon,” it added.

http://www.emirates247.com/business/...06-21-1.403958

[bizzybonita]

Great

[Parisian Girl]

By Reuters | Published Thursday, June 23, 2011

Dubai-based property developer Nakheel’s former chief executive has sued the company for breach of contract, a filing with the Dubai World Special Tribunal showed on Thursday.

Chris O’Donnell, who left his post after a five-year contract earlier this month, filed the lawsuit with the tribunal on Wednesday. No claim value was provided in the initial case heading.

A Nakheel spokeswoman said the company does not comment on legal proceedings and O'Donnell and his attorney were not immediately available for comment.

A spokeswoman from the special tribunal, which was set up to handle cases related to Dubai World’s debt restructuring, said further details of the claim will not be made public until Nakheel acknowledges that it has received service of the lawsuit.

Nakheel has been embroiled in a number of legal battles within the special tribunal in the last year as it struggles to complete its $10.9 billion restructuring.

As of June 12, 2011, there are two cases filed in the Dubai World Triubunal, against Kleindienst Properties and Asian Development, for a total sum of $243 million.

The Financial Times reported on Thursday that the developer has launched a series of claims against owners of islands on its World development, demanding hundreds of millions of dollars in alleged unpaid installments and delay fees, citing people familiar with the matter.

The cases were not filed with the special tribunal.

O'Donnell has been temporarily replaced by Nakheel's Chief Financial Officer Sanjay Manchanda as acting CEO.

Nakheel has secured over 98 per cent of support for its restructuring plan in which trade creditors would receive repayment through 40 per cent cash and 60 per cent in the form of a $1.63 billion Islamic bond.

The company has delayed issuing the bond to July from the end of June, sources close to the matter told Reuters.

http://www.emirates247.com/business/...06-23-1.404315