The Pointe at Palm Jumeirah will include shops, a marina and a public walk on the tip of the palm-shaped island, Mr Lootah said at a press conference.
Completion by end of 2013
The project aims to be completed by the end of 2013. Nakheel is in talks with banks to raise at least US$82mn for the project, which will be operated by the company when it's completed.
"We have all the financial options available. We're in talks with banks who are showing interest," said Mr Lootah.
The Pointe, located across the water from the Atlantis hotel, will include 120 restaurants, 75 shops and landscaped areas for visitors with a view of the offshore fountain.
The plan includes a new station for the monorail running up the centre of the palm-shaped island and parking for 1,200 cars. Earlier this month, Lootah said the company is on track to deliver 7,000 units by end of the year and is also tendering new contracts in its retail segments.