Dubai developer Nakheel aims for 15% profit growth
Add BT as a preferred source[DUBAI] Dubai property developer Nakheel is targeting a 15 per cent increase in profit for 2014 as it launches new projects and expands its leasing income, the firm's chairman said yesterday.
Government-run Nakheel agreed to a US$16 billion debt restructuring in 2011 in the wake of a property crash that sent Dubai's house prices tumbling by more than half from a 2008 peak, oversupply and the global financial crisis that ended years of fervent speculation.
Yet the emirate's real estate sector is resurgent, with rental and sale prices rebounding, and this helped Nakheel make a profit of 2.57 billion UAE dirhams (S$886.8 million) for 2013, up 27 per cent from a year earlier. "Our profit will be better (higher) than last year - we are targeting 15 per cent growth (in profit)," Nakheel chairman Ali Rashid Lootah told reporters in Dubai.
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