Dubai set to restart Palm

Kasmira Jefford
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DUBAI property developer Nakheel will soon restart work on its man-made palm-shaped island off the coast of the emirate, five years after the global financial crisis put a stop to the ambitious project.

The move will be seen as a sign that optimism has returned to the global real estate market, but may also fuel fears of a new bubble.

Nakheel, which was taken over by the government as part of a $16bn (£9.87bn) rescue plan in 2011, said it will soon begin work on Palm Deira – one of two islands it put on hold – which is to be renamed Deira Island.