$102mn contract awarded for Dubai Palm project

Andy Sambidge, February 6th, 2014

Dubai developer Nakheel said on Wednesday it has awarded a contract worth almost AED 375 million ($102 million) to Gulf Technical Construction Company (GTCC) to build The Pointe on Dubia's Palm Jumeirah.

Nakheel said in a statement that it expects GTCC, a subsidiary of Drake & Scull, to mobilise before the end of this month.

The Pointe, Nakheel's AED 800 million ($217.8mn), 136,000 sq m retail and entertainment complex, will be located at the tip of Palm Jumeirah, opposite Atlantis, and is scheduled for completion in 2016.

The project includes a diverse range of shopping, dining and entertainment facilities, including a fountain display.

The Pointe will be accessible via The Palm Monorail system, which will soon be connected to the mainland tram system, Nakheel said, adding that water taxis will shuttle visitors across the bay from nearby hotels directly to The Pointe's marina.

The Pointe is one of several new Nakheel developments underway at Palm Jumeirah. Others include Nakheel Mall and Hotel, The Boardwalk and Palm West Beach.