Adam Schreck Associated Press 23 Nov 11;
DUBAI, United Arab Emirates (AP) — Nakheel, the Dubai property developer behind the emirate's manmade islands, laid out plans Wednesday to build a string of artificial reefs off the city-state's coast in a bid to attract more aquatic life.
The project aims in part to revitalize fishing prospects in the azure Persian Gulf waters that lap at Nakheel-built islands shaped like palm trees and a map of the world. The company's island-building efforts, now halted, have been criticized for upsetting the Gulf's natural environment.
Construction of more than 500 reefs could begin in a matter of months, likely using a combination of boulders and concrete structures, said Nakheel Chairman Ali Rashid Lootah.
He didn't disclose how much the project would cost, but said it won't be a "big financial burden" for the debt-laden company. That is because many of the rocks and other materials Nakheel plans to use are already piled up outside stalled building sites south of the city.
"We want to do our maximum, our best, to regenerate the marine environment in the whole area of Dubai," Lootah told reporters at Nakheel's headquarters near its iconic Palm Jumeirah island. He said the initiative was Nakheel's own, and didn't come about because of pressure from the fishing industry or environmentalists.
Some planned reef sites could be suitable for commercial fisheries, though fishing will only be allowed at a fraction of sites so sealife is not depleted, Lootah said.
Nakheel was at the center of debt problems that helped plunge Dubai's economy into crisis in late 2009, panicking investors the world over. The crisis forced the company and its former parent Dubai World to renegotiate the terms on more than $35 billion in combined debt.
Nakheel's restructuring effort dragged on for over a year as it struggled to win the support of bank creditors and unpaid contractors who balked at the Nakheel's revised terms. The company completed the restructuring in August.
Several of the islands Nakheel built sit empty, the casualties of a property bust that began in 2008 and has yet to recover. It has shelved plans for additional islands, and is now focused on generating new income while completing projects on dry land.
Nakheel to build 500 artificial reefs off Dubai coast
Rory Jones The National 23 Nov 11;
Construction on the project, which is being built in consultation with Emirates Marine Environmental Group (EMEG), will begin in the next three months and last about a year.
"We thought it is important to help increase the marine life," said Ali Rashid Lootah, chairman of Nakheel. "It's a normal practice that international businesses do some social work and we thought that because most of our development is on the marine side, we thought [the social work] should be that side."
The 500 artificial reefs will be built in and around Nakheel's various developments, such as the Palm Jumeirah, the World and the Palm Jebel Ali, and will be open for public use and fishing.
Mr Lootah said that project was not in response to a report by the United Nations University that Gulf coastal projects were damaging the ecosystem for marine life in the region.
Nakheel said it did not have an estimated cost for the project, but Keith Wilson, marine programme director at (EMEG) said a similar reef project had been built in Hong Kong at a cost of US$15 million.
Nakheel to work on human-made reef project
The artificial reefs are designed to attract and support large populations of fish and will cover the entire coast of Dubai
Kevin Scott Gulf News 23 Nov 11;
Nakheel plans to start work on a new human-made reef project within the next few months after some of its developments led to the loss of traditional fishing grounds.
The Dubai-based real estate developer, which recently completed a massive Dh59 billion debt restructuring, says the project will regenerate the city's fishing and marine environment.
The artificial reefs are designed to attract and support large populations of fish and will cover the entire coast of Dubai. Only a small percentage will be fishable in order to ensure fisheries resources will not be over-exploited.
Nakheel declined to comment on the cost of the project, which is going ahead with cooperation from Dubai Municipality and the Emirates Marine Environmental Group. It is estimated the development will take around one year to complete.
"This project will not be a big financial burden as most of the materials are with us," said Ali Rashid Ahmad Lootah, Nakheel's chairman.
"We thought it was important to help increase marine life now that we have more free time after our restructuring," he added.
The construction of iconic developments, such as the Palm Jumeirah and The World, involved the loss of some of Dubai's traditional fishing grounds and no commercial fishing is currently permitted at Nakheel projects.
