Dubai's Nakheel has signed contracts worth a combined 2.4 billion dirhams ($653.49 million) with three construction firms to help build a residential and retail property project in the city, the developer said on September 14. Nakheel, which agreed a $16 billion debt restructuring in August 2011, expects the development to be completed in early 2018, according to a company statement.
This will include 1,540 residential units, plus retail, sports and dining facilities. Nakheel signed an 830 million dirham contract with Trojan General Contracting, a 789 million dirham agreement with United Engineering Construction and a 781 million dirham contract with Metac General Contracting.