verification . please help improve this article by adding citations to reliable sources . unsourced material may be challenged and removed . december 2012 learn how and when to remove this template message nakheel type government owned industry real estate founded 2000 ; 16 years ago 2000 headquarters dubai united arab emirates area served 87 countries key people ali rashid ahmad lootah executive chairman sanjay manchanda chief executive officer number of employees 2000 website www.nakheel.com nakheel arabic palms or palm trees is a real estate developer in dubai and creator of several land reclamation projects including the palm islands the dubai waterfront the world and the universe islands . its residential projects include the gardens international city jumeirah islands and jumeirah lake towers . its shopping projects include the dragon mart at international city and ibn battuta mall . its main competitor in residential development in dubai is emaar properties . nakheel s flagship properties are the three man made palm tree shaped islands on the coast of dubai . nakheel operates under the umbrella of dubai world which manages various businesses on behalf of the dubai government . the executive chairman of al nakheel is sheikh ahmed bin saeed al maktoum . contents 1 portfolio 2 ownership 3 financial performance 4 new projects 5 references portfolio edit the company owned the retired ocean liner queen elizabeth 2 which it acquired for 100 million and planned to convert into a luxury hotel that was to have been moored at the palm jumeirah . 1 however in january 2013 it was announced a consortium known as qe2 shipping had been formed to own and operate the ship as a five star 400 room hotel at an unknown location in asia . 2 ownership edit on july 6 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 . 3 financial performance edit the company reported a profit for 2012 of 2.02 billion dirhams usd 550 million in line with a significant improvement in the dubai property market . the profit result was a 57 % improvement on the previous year . in 2013 nakheel says it will complete 3 000 residential and retail units . 4 in january 2014 nakheel announced that it would repay more than half of its bank debt in 2014 . the financial times reported chairman ali rashid lootah as saying that early repayment of dh4bn us 1.1 bn had been made possible by reducing claims from contractors and customers and rebounding cash collection which has tripled over the past three years to dh7 .1 bn . 5 new projects edit nakheel property developments near nakheel metro station dubai in february 2013 it was announced nakheel would build two new projects on palm jumeirah at a combined cost of 3.3 billion dirhams 902 million . the pointe a retail and dining complex will be built in a bay opposite atlantis the palm on the waterfront and adjacent to a new marina . nakheel mall will be constructed on the beach at the trunk of palm jumeirah . 6 one of nakheel s new retail dining and entertainment projects the golden mile is said to open in april 2015 according to a statement issued by nakheel . it will have around 70 outlets including department stores restaurants cafes medical centers and a supermarket . 7 in april 2013 it was disclosed nakheel was building what it calls the discovery gardens community centre which at that time was 35 % completed . expected to open in early 2014 the centre is effectively a shopping mall which will house 20 retail shops and 11 dining outlets . a geant hypermarket operated by g ant casino will occupy 40 % of the centre which will service nakheel s al furjan discovery gardens and the gardens communities 24 000 homes . 8 the kleindienst group the developers behind the heart of europe a cluster of 6 islands which is a part of nakheel s the world islands project revealed that they would be able to make it rain and snow using special snow machines in select streets and plazas in the heart of europe . this technology comes from the frauhofer institute in germany where the scientists claim it is possible to control the air outside so that it sits at ideal outdoor temperature of 27 degrees . 9 on june 2 2013 the company sold 350 villas in its proposed 350 hectare jumeirah park master community for 1.4 billion dirhams usd 385 million in five hours . demand was so unprecedented nakheel increased the number of villas it planned to sell on the day from 226 to 350 . the company announced construction tenders were yet to be finalized . the 350 villas will be completed in 2015 . the jumeirah park master community says the company will eventually house 2 000 homes . 10 references edit 1 archived july 18 2011 at the wayback machine . jubilation all round as qe2 evades scrap heap . the daily mail . retrieved 2015 04 23 . dubai government to take over nakheel and limitless . dubaichronicle.com . 2011 07 06 . retrieved 2015 04 23 . dubai developer nakheel year profit up 57 pct . reuters . retrieved 2013 01 24 . dubai property boost for nakheel . ft.com . financial times . january 5 2014 . dubai ruler signs off on nakheel property launches . dubai news.net . retrieved 2013 02 03 . nakheel set to start leasing golden mile space on palm jumeirah . lookup.ae . 2015 01 04 . nakheel s new mall fully leased . emirates 24 7 . retrieved 2013 06 02 . world islands will have snow and dubai mainland could follow . lookup.ae . 2014 12 22 . hundreds of planned nakheel villas sold in unprecedented demand . middle east star . retrieved 2013 06 03 . v t e dubai world subsidiaries dubai drydocks dubai maritime city dubai ports world dubai ports world controversy economic zones world island global yachting istithmar world leisurecorp nakheel properties p & o ferries tamweel related dp world tour championship dubai retrieved from https en.wikipedia.org w index.php title nakheel properties & oldid 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