One of Dubai Largest property developers is to be taken over by the Dubai Government, Nakheel responsible for the Dubai Island Palm Jumeirah as been taken over by the Dubai Government form its parent company Dubai World.

Nakheel sparked major concern in Dubai Real Estate circles when it famously defaulted on a debt payment which was due sparking concern throughout the industry and ultimately involved a major debt restructuring programme which was finally concluded this month.

Nakheel is owned by Parent company Dubai world and will become government owned form immediate effect. Nakheel as a real estate master developer have several uncompleted and delayed projects around Dubai that many home owners are hoping this move will see the stalled projects move ahead

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