Nakheel awards AED1.5bn construction contract

expat network

Nakheel awards AED1.5bn construction contract

Dubai master developer Nakheel signed a contract worth AED1.5 billion for the construction of its Al Khail Avenue retail, dining and entertainment hub – and announced that it is now bringing hospitality into the mix by adding a 252-room hotel to the complex.

The contract was awarded to UAE-based Dhabi Contracting LLC, with construction set to begin in early October. Earthworks at the site – alongside Dubai’s Al Khail Road on the edge of the Jumeirah Village Triangle (JVT) community – were completed in June.

Directly connected to Al Khail Avenue and its 350 shops, restaurants and entertainment outlets, the 18-storey hotel will feature an all-day restaurant, coffee shop, lounge, outdoor terrace, pool deck gymnasium and car park.

The hotel and leisure club will further enhance the growing JVT community, where residents will be offered club membership at preferential rates. JVT contains more than 13,000 villas, townhouses and apartments spread across 242 hectares, with two schools and a range of third party residential developments currently under construction.

Scheduled for completion in Q1 2019, the two million square foot Al Khail Avenue has more than 1.2 million sq ft of leasable space, of which around 70 per cent is booked. Confirmed outlets include a 14-screen Reel Cinemas complex, a Waitrose supermarket and a wide range of fashion, children’s, home and electronics stores. There will also be a multitude of cafes and restaurants, plus a 4,000-space multi-storey car park which can be accessed directly from Al Khail Road.

Situated amidst several established or rapidly-developing residential communities and close to commercial hubs including JAFZA and Dubai World Central, Al Khail Avenue is a convenient shopping and entertainment facility for people living nearby, a new destination for residents and tourists elsewhere in Dubai and the UAE, and an ideal location for business travellers.

Nakheel’s retail project portfolio is set to become the biggest in the UAE, with over 15 million sq ft of leasable space in operation or under development. The developer’s hospitality portfolio is also growing rapidly, with nine hotels across Dubai either open, under construction or in design stage.

Source: www.nakheel.com

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.