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.


Closing Bell: Saudi Arabia’s main index closes in red at 10,364 

Updated 04 January 2026
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Closing Bell: Saudi Arabia’s main index closes in red at 10,364 

RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower on Sunday, shedding 185.05 points, or 1.75 percent, to end the session at 10,364.03. 

Total trading turnover on the benchmark index stood at SR2.55 billion ($680 million), with 20 stocks advancing and 237 declining. 

The Kingdom’s parallel market Nomu also retreated, falling 0.63 percent, or 147.19 points, to close at 23,371.82. 

The MSCI Tadawul Index slipped 1.71 percent to 1,369.56. 

Saudi Industrial Export Co. was the top gainer on the main market, with its share price jumping 9.87 percent to SR2.56. 

Shares of Naqi Water Co. rose 2.53 percent to SR58.80, while Shatirah House Restaurant Co. advanced 2.18 percent to SR9.39. 

On the downside, Gulf Union Alahlia Cooperative Insurance Co. posted the steepest decline, with its share price falling 4.61 percent to SR10.14. 

On the announcements front, Scientific & Medical Equipment House Co. said it had been awarded a contract valued at SR260.98 million by the Ministry of Human Resources and Social Development to supply uncooked food materials and catering items to beneficiaries at the ministry’s residential branches across the Kingdom.  

The project scope also includes providing cooked meals to selected anti-begging offices over a 24-month period, according to a Tadawul statement. The company added that the financial impact of the contract will begin in the fourth quarter of this year. 

It said further developments would be disclosed in due course after all relevant parties sign the final contract and a copy is received. 

Shares of Scientific & Medical Equipment House Co. edged up 0.31 percent to SR32.44. 

Separately, Dr. Soliman Abdel Kader Fakeeh Hospital Co. and its subsidiaries signed an agreement with Oloof Development Co., a wholly owned subsidiary of Jazan Municipality, to lease a strategic land plot in Jazan City for SR217.99 million. 

According to a Tadawul statement, the land, which spans 34,581 sq. meters, will be used to develop an integrated healthcare facility under a 50-year lease. 

The company said the financial impact of the agreement is expected to begin once the medical facility is completed and becomes operational. 

Shares of Dr. Soliman Abdel Kader Fakeeh Hospital Co. fell 1.92 percent to SR33.74.