Nakheel calls for groundwork bids for tallest tower on Dubai’s Palm Jumeirah

A rendering of the 260-meter development which will include Raffles The Palm Dubai Hotel and Raffles Residences PALM360. (Courtesy Nakheel)
Updated 27 March 2018
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Nakheel calls for groundwork bids for tallest tower on Dubai’s Palm Jumeirah

LONDON: Dubai’s property developer Nakheel has called for ground preparation proposals for PALM360, a two-tower luxury hotel and residential project that is set to be the tallest building on the Palm Jumeirah.

The 260-meter development will include Raffles The Palm Dubai Hotel and Raffles Residences PALM360, and is due to be completed in 2021, according to a statement from Nakheel.

It will feature a sky pool, said to be the world’s largest, which will connect the two towers.

The hotel will have 125 rooms, and there will be 331 Raffles-branded residences on offer.

There are 16 penthouses planned which will come with their own infinity pool, gym, home theater and 360-degree view of Dubai.

A tender for the construction of the development is to be released later this year.

Nakheel has been behind many of Dubai’s landmark developments, including the Palm Jumeirah itself and The World project, which features 300 man-made islands just off the coast of Dubai, shaped to represent the continents.

The developer works across retail, hospitality and residential projects in Dubai. It has around 25,000 residential units under construction or in the pipeline, according a company statement.


Moody’s raises GDP growth forecasts for Saudi Arabian economy

Updated 18 October 2018
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Moody’s raises GDP growth forecasts for Saudi Arabian economy

  • The Moody’s report released on Wednesday maintained the Kingdom’s A1 rating
  • he agency expects higher oil production to boost the Saudi economy

LONDON: Moody’s has raised Saudi Arabia’s GDP growth forecast for 2018 to 2.5 percent from 1.3 percent as it maintains a “stable outlook” for the Saudi economy.
The ratings agency also increased its 2019 GDP forecast to 2.7 percent, well above the 1.5 percent previously predicted, the Kingdom’s Ministry of Finance said.
Moody’s numbers exceed the forecasts of the Saudi Arabian government for the 2019 budget announced in September.
The Moody’s report released on Wednesday maintained the Kingdom’s A1 rating.
The agency expects higher oil production to boost the economy, but also said developments in the non-oil sector will contribute to stronger GDP growth in the medium and long-term.
Moody’s said the Saudi government deficit for the 2018 and 2019 will hover between 3.5 percent and 3.6 percent, a far cry from its previous expectations of 5.8 percent and 5.2 percent.
Moody’s commended Saudi Arabia’s reasonable control of expenditure, even in the face of higher oil revenues.
“In addition to the moderate funding requirements, the government is able to access ample sources of liquidity, from both domestic or international capital markets and financial reserves. It is unlikely to face problems in financing the fiscal deficit,” the report said.
Last week, the IMF lifted its projections for economic growth in Saudi Arabia saying the Kingdom’s economy is expected to grow by 2.2 percent in 2018 and 2.4 percent next year, raising previous projections by 0.5 percent.