There are chances for Nakheel Tower to resume its construction work.Nakheel Group receives $8bn from Dubai Financial Support Fund for construction.
Online PR News – 28-May-2010 – – Dubai,U.A.E. - Nakheel Group is one of the famous construction companies in Dubai. Their Nakheel Tower is put on hold due to financial crisis in Dubai. But there is a ray of hope which says that soon the tower will resume its construction. Nakheel announced a few days back that it would start paying contractors as soon as the developer had obtained consent on 65 percent of claims from creditors. If the tower will restart building then it will be a great place for Dubai property investment. Such big projects have always interested foreign investors, its completion will once again prove beneficial to Dubai real estate market.
Last month Nakheel Group received $8bn from Dubai Financial Support Fund out of that $1.2bn was supposed to be turn into equity in Nakheel. This was a part of Dubai World debt restructuring proposals. Part of it was for paying contractors so that projects on hold could restart. The company professional said, “This brings us yet another step closer to continuing work on our near term projects and delivering on our commitments to our customers.” All the issues are expected to resolve soon and that will help Nakheel Group complete its projects. Many investors around the world are waiting for completion of such lavish projects for making a right property investment.
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