(MENAFN) Nakheel said that it has reached an agreement with Souq Residences FZCO, a joint venture between IFA Hotels & Resorts and Istithmar World, regarding the sale of the Golden Mile mixed-use development on Palm Jumeirah, Emirates 24/7 reported
Under the agreement, Nakheel will acquire the full ownership of the remaining unsold units in the Golden Mile, which comprises residential, office and retail space, thus relieving Souq Residences from substantial liabilities related to these units.
The agreement will allow Nakheel to build more facilities in the project, which are expected to include a supermarket, shops and cafes at Golden Mile, which will benefit the residents of the 10-building complex and those living in other parts of Palm Jumeirah.
"We have come to an agreement that is satisfactory and beneficial to all parties. We look forward to realizing the full potential of the Golden Mile, a key component of Palm Jumeirah, in line with our overall vision for the island," Chairman of Nakheel said.
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