nakheel

Will Nakheel Sell The QE2?

A few months back we saw that plans to turn the Queen Elizabeth 2 cruise ship into a floating hotel in Dubai had been delayed. The owner, developer Nakheel had planned to moor it at the Palm Jumeirah development but now word has come that the ship may be on the move. The AP has an email from Nakheel saying that other ports have expressed interest in hosting the ship. Nakheel had purchased the ship for a reported $100 million and had plans to recreate the original decor and fittings of the ship from when she was launched in 1967 only with a modern day spin that included adding a 500-seat theater and building a massive spa complex. Those plans are are on hold as Nahkeel, which has developments across Dubai, is considering all offers and has applied to anchor the ship in Cape Town, South Africa.

The email said that the company is working "to ensure opportunities to experience QE2 in her current condition are maximized whilst ensuring her important heritage is at all times protected." This seems like more continued spin from Nakheel which has been hard hit by Dubai's real estate slump and tourism decline. The company has shelved a variety of projects including Donald Trump's planned hotel and has received some of the $10 billion in government bailout funds. There are also reports of widespread layoffs. The company has said before it has no plans to sell the ship. There is widespread speculation as to whether the company will be able to pay off $3.5 billion worth of debt coming due this year so it seems that they might be willing to sell the QE2 if they can find a buyer.

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Tags: cruise ship, CruiseShip, dubai, nakheel, qe2, queen elizabeth 2, queen elizabeth ii, QueenElizabeth2, QueenElizabethIi, yacht

Plans For A Queen Elizabeth 2 Floating Hotel Delayed

by Deidre Woollard (RSS feed) —

Filed under: Yachts & Sailing

Back in 2007, the plan to turn the Queen Elizabeth 2 cruise ship into a floating hotel in Dubai was just another lavish project in Dubai. Now this project, like so many others, may be in trouble. The QE2 was bought by government-owned developer Nakheel for a reported $100 million. It was to sit on at a pier in the Palm Jumeirah development as another tourist destination. The company announced they would recreate the original decor and fittings of the ship from when she was launched in 1967 only with a modern day spin that included adding a 500-seat theater and building a massive spa complex.

The London Times says that because Nakheel has many other projects including the Palm Jumeirah and the Trump Tower, and because of the significant economic problems affecting Dubai, the QE2 project may end up being delayed. It was originally supposed to be completed this year. Nakheel told the Sunday Times that the conversion will go forward and that has no plans to sell the ship.

In order to draw tourists to Dubai, the Emirates airlines, the Dubai Department of Tourism and Commerce Marketing, Dubai hoteliers and destination management companies, have launched the 'Keep Discovering Dubai' campaign to promote tourism from around the world.

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Tags: dubai, nakheel, queen elizabeth ii, QueenElizabethIi, yacht

The World's Shanghai Island Sells For $28 Million

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels

When Nakheel announced the project to create The World, the cluster of Earth-inspired man-made islands off the coast of Dubai, some people, myself included, wondered if they would ever sell them for the exorbitant prices they were charging. For a while there it looked like the project was more rumor and speculation than hard cash. But as the islands are emerging from the water, more and more developers from around the world seem ready to plunk down the cash. The Gulf News reports that Nakheel has sold has sold 35 plots of The World this year. Around 45% of the 300 islands have been sold. The latest big deal is for the Shanghai island which was sold to Chinese businessman Bin Hu for $28 million. Hu is shown here on the island planting the Chinese flag (rather like Richard Branson did on the Great Britain island last year). Other big sales this year include the Greece island which sold for $15.5 million and the Tokyo island which went for $45 million.

[Thanks, Lana]

Previous stories on The World:
Nakheel sells Ireland to Irish consortium
Schumaker gets a piece of the world
Angelina and Brad checking out The World?
Perseus Spa Hotel Planned For The World in Dubai
Michael Jackson Tours The World

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Tags: china, dubai, nakheel, shanghai, the world, TheWorld

How You Get To The Hotels At The Palm Jumeirah

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels

I found this picture of the sub-sea tunnel project on The Palm Jumeirah fascinating. The Palm Jumeirah is the palm-shaped created land in the Arabian Gulf that will be home to luxury hotels and resorts. The tunnel connects the tip of the island's trunk to the crescent and will give access to those seeking to visit the over 20 hotels clustered along the island's breakwater. The project is impressive, involving reinforced concrete, steel and sand to create this engineering feat. To build the tunnel under dry conditions, the project required the construction dykes and a dam to keep the water out. Once the tunnel structure was completed at the start of 2007 the water could be let back in which what is shown in this picture. The entire project is expected to be completed in May 2007.

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Tags: concrete, construction, nakheel, palm jumeirah, tunnel

Nakheel Sells "Ireland" To Irish Consortium

by Deidre Woollard (RSS feed) —

Filed under: Estates

I've been following the development of "The World," Nakheel's Earth-shaped development in Dubai for a few years. The ambitious project to create islands representing the land masses of the world off the coast of Dubai has been steadily proceeding. Now comes the news that Nakheel has sold the island of Ireland to an Irish business consortium. Ireland sold for AED 142 million (around $38 million). The consortium will turn the island into "Ireland in the Sun" a resort with homes, restaurants and leisure opportunities with an Irish theme. Sometimes this whole project seems like a huge and luxurious version of Epcot Center.

Now that the world is reaching completion, interest in the project seems to be accelerating. Several celebrities have been rumored to have bought in to the project and last fall, race car driver Michael Schumacher was gifted with his own island. The islands are 92% reclaimed and construction should finish up by the end of 2008.

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Tags: dubai, ireland, nakheel, the world, TheWorld

Branson Plants His Flag At The World

by Deidre Woollard (RSS feed) —

Filed under: Wings

Sir Richard Branson showed up in Dubai this week to ceremoniously plant the Union Jack on the Great Britain island at the The World development. The event was part of the debut of Virgin Atlantic Airways’ direct flights between the United Kingdom and Dubai. Branson jumped out of a red London telephone box dressed in a colorful Union Jack suit. Development company Nakheel also announced that 90 percent of the islands of The World have been created. While in Dubai, Branson also talked about his favorite subject, space, saying that he plans to make Virgin the world's first commercial spaceline and that they will be sending passengers into space in sub-orbital craft starting in late 2008.

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Tags: dubai, nakheel, sir richard branson, SirRichardBranson, space, the world, virgin, virgin airways