Monday, February 27, 2012

Nakheel issues Dh 202.2mn to lenders as part of re-structuring

One of the largest real estate developers in Dubai, Nakheel, has paid Dh.202.2mn to its lenders, as part of re-structuring process. The payments are in-line with the due date for the month-end.

A Nakheel spokesman revealed that the timely payments indicate successful implementation of restructured operations, and further strengthen the commitment by the company for successfully implementing the agreed operating plan, following the completion of largest and most complex re-structuring in the Middle East in August 2011.

Nakheel earned net profit of Dh.526mn during first half of financial year ending December 31, 2011, and Dh.1.5bn revenues. This was possible after successful restructuring of the company’s debt and transferring ownership from Dubai World to Dubai Government.

The revenues were largely driven by handover of development properties in several Nakheel projects. Among the other business segments that helped in achieving positive results are retail and leasing.

This year, Nakheel has launched several new projects, including The Pointe development, a destination mall to be located at tip of Palm Jumeirah, Palm Mall and expansion of Dragon Mart.

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