Dubai: Nakheel reports 27% increase in profits

Dubai: Nakheel yesterday reported a 27 per cent increase in 2013 profit to Dh2.57 billion, helped by a 20 per cent rise in revenue to Dh9.4 billion.

The company, known Internationally for building the Palm islands, seems to have recovered fully from the effects of the global economic crisis.

Ali Rashid Lootah, Nakheel’s chairman, said the company is committed to announcing more projects and this year will launch Dh6-8 billion worth of projects, including multiple hotels, which will now be a major focus area.

It will also launch a 1.5-2 million square feet shopping mall off the Deira coastline and close to the earlier announced “night market”.

In terms of projects delivered, mid-year will see the handover of the first project that it announced post-crisis, the Palm Residences. Dragon Mart Phase 2 is another heading for completion, while a hotel in Deira is to be ready before year-end. By 2016, its hotel portfolio would rise to nine.



Source: Manoj Nair, Associate Editor, gulfnews.comGN


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