Dubai: Nakheel gives IPO a 'serious' thought

Nakheel gives IPO a 'serious' thoughtImage Credit: Supplied

Nakheel would ''seriously consider'' going for an IPO at some point... but priority for the moment is clearing off its debt, according to its chairman.

On whether it could be a floating of its retail division – which is creating new mega malls on Palm and Deira Islands – Ali Rashid Lootah said: ''Everything is possible.'' Nakheel had made a statement of sorts by paying off Dh2.35 billion last month and well before it was actually due. It also reported a 27 per cent gain in net profit for 2013, to Dh2.57 billion.

Next month, the developer is getting set to launch a brand new residential community by mid-April, with a shopping centre to be the first component.

As for some of its earlier announced projects such as The World, which had stalled during the downturn, Lootah said: ''Lots of people are talking about The World and some of the old investors have already started operations.

''We are willing to go in for co-operation with any other local developer if they want to buy prime land from us. We can be quite flexible with the payment terms.''

Source: Manoj Nair, Associate Editor,


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