(MENAFN- Khaleej Times) Nakheel is expanding its business portfolio with the creation of a new division - Nakheel Hospitality and Leisure - to focus on the company's growing number of hotels, beach clubs and community recreation centres.
The new division, headed by newly-appointed managing director Thorsten Ries, will oversee the development and operations of Nakheel's hotels and clubs - a key element of the company's business strategy.
Nakheel is building a 240-room hotel at Dragon Mart, as part of its major expansion of the China-themed mall, a five-star, 40-storey hotel that will form part of the Nakheel Mall and Hotel complex on Palm Jumeirah and an economy hotel at Ibn Battuta Mall. More hotels are in Nakheel's project pipeline.
The developer also owns and operates a growing number of recreation and leisure clubs, including Jumeirah Islands Club, Jebel Ali Club and the Shoreline Beach Clubs on Palm Jumeirah.
The World is back on the map
Meanwhile, Nakheel subsidiary The World recently signed two more settlement agreements - worth a combined value of almost Dh185 million - with investors in The World, bringing the total settlement value at the project to Dh807 million.
The Dh807 million accounts for 45 per cent of Nakheel's total settlements of land purchasers' obligations - Dh1.8 billion - in the first six months of 2013, the developer said. The latest settlements on The World, yet more evidence of the heightened investor interest in the offshore project, means that the investors will now continue with their individual island developments.
The agreements, the terms of which include investors settling their outstanding principal amounts in full, are with Sao Paulo Development for Sao Paulo Island and a GCC investor for the purchase of Nord Island. A previous judgement by the Dubai World Tribunal had ordered Sao Paulo Development to pay its due fees.
In addition, the agreements come two months after The World signed an out-of-court agreement for Dh622 million with Kleindienst Properties. Kleindienst has bought six islands at The World and is developing a project called The Heart of Europe. More settlements are close to being finalised, said Nakheel.
A Nakheel spokesman said: "The World is back on the map. Investors are coming forward to settle their dues and we are receiving an increasing number of designs and proposals for development at this unique project."
The World completed The World's 300 islands and the 27km breakwater in 2008. The development is nine kilometres long and seven kilometres wide, and adds 232km of beachfront to Dubai's natural 67km coastline. More than 320 million cubic metres of sand were used to create 10 million sqm of upland area for development, while 34 million tons of rocks make up the breakwater that protects the islands. The breakwater, with water on both sides, provided 54km of new rocky reef marine habitat and is alive with marine life.
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