Nakheel and Souq Residences reach agreement on Palm Jumeirah’s Golden Mile
Nakheel and Souq Residences FZCO, a joint venture between IFA Hotels & Resorts and Istithmar World, have reached an agreement on the Golden Mile mixed-use development on Palm Jumeirah.
Under the agreement, Nakheel will assume full ownership of the remaining unsold units in the Golden Mile, which comprises residential, office and retail space, while Souq Residences is relieved of substantial liabilities.
The agreement paves the way for more local facilities – including a supermarket, shops and cafes – at Golden Mile, benefiting residents of the 10-building complex and those living in other parts of Palm Jumeirah. More than 430,000 sq ft of retail and office space, plus a number of residential units, is available at the development.
Ali Rashid Lootah, Chairman of Nakheel, stated: “We have come to an agreement that is satisfactory and beneficial to all parties. We look forward to realising the full potential of the Golden Mile, a key component of Palm Jumeirah, in line with our overall vision for the island.”
With 860 residential units, the Golden Mile comprises 10 identical, interconnected 11-storey buildings located on the western trunk of the island.
Speaking on behalf of Souq Residences, Chairman for IFA Hotels & Resorts, Talal Al-Bahar added: “This marks a new chapter in our business relationship with Nakheel. As the largest foreign investor on Palm Jumeirah, we share Nakheel’s vision for the island. We also look forward to building further upon our long-standing relationship with Nakheel in its future master planned developments.”