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Nakheel to separate from Dubai World by June
By Parag Deulgaonkar
Master developer focusing on delivery of approved operational plan
Nakheel will separate from its Dubai World, its parent company, and become a government-owned entity by June – the time when the restructuring process will be completed.
separation has not occurred as yet, but will happen once the restructuring is finalised which is due to be completed by June,” a company spokesperson told Emirates 24/7.
The master developer has also dropped the idea of real estate investment trust (Reit), which it had proposed three years back.
“We are currently focused on the delivery of our government-approved operational plan.”
In 2008, Nakheel said it plans to raise more than Dh2.8 billion through two Reits – a Dh800 million residential and another Dh2bn infrastructure Reit -both were planned to be listed in Dubai and Singapore.
Last month, Nakheel spokesperson told this website that its operational plan was fully funded by the Dubai government and it allowed the company to sell assets going forward.