The 11-kilometre boardwalk, which will extend along the entire length of the outer breakwater of the Palm Jumeirahs crescent, aims to turn the islands protective crescent into a unique destination for walking, shopping and dining.
It will feature two 100-metre piers, stretching into the waters of the Arabian Gulf at either end.
Nakheel will create the scheme by building over the rocks of the Palms breakwater.
The scope of works includes an elevated, six metre wide boardwalk above the rock revetment on the outer side of the Palm Jumeirah crescent (including associated modification works to the existing breakwater), and two plied deck piers including restaurant buildings.
The deadline for submiting the tender is 28 May.
In January, Nakheel appointed the UK-based Halcrow as the design consultant for the project.
The boardwalk is one of several new projects being developed by Nakheel on Palm Jumeirah. Others include Nakheel Mall, The Pointe, and Palm West Beach.
In February, the local Actco General Contracting submitted a low bid of AED1.18bn ($323m) for the contract to build the Nakheel Mall, which will be built at the northern end of the trunk of the man-made island.
Also in February, the developer awarded a AED375m contract to GTCC to build The Pointe. The Pointe, Nakheels AED800m, 136,000-square-metre retail and entertainment complex, will be located at the tip of Palm Jumeirah, opposite Atlantis, and is scheduled for completion in 2016. The project includes a mix of shopping, dining and entertainment facilities, along with a fountain display.
Last month, the developer issued a new tender for the construction of a 10-storey residential tower in the Golden Mile on Palm Jumeirah. The project also entails development of three levels of basement parking. The deadline for the tender is 13 April.