Nakheel announces increase in full-year profits
Dubai developer Nakheel yesterday revealed its profits were up by a third last year compared to what it made in 2010.
The firm, hit-hard by the downturn in Dubai’s property market following the global financial crisis, said it made a profit of Dhs1.3 billion in 2011 - up 33 per cent on the Dhs1 billion it made a year earlier.
The firm’s revenues were Dhs4.1 billion, slightly down on the Dhs4.2 billion it recorded the previous year. The company said it delivered 820 new units to customers last year, including in its Palm Jumeirah and International City developments.
It has already announced the start of work on its first new project since the crash - Palm Residences, which will see the development of plush new villas on a previously undeveloped frond of its internationally renowned flagship Palm Jumeirah development.
The firm’s chief executive, Ali Rashed Lootah, said 2011 had been a “good year” and that 2012 promised to be even better for Nakheel.
The firm was forced to put several high-profile projects on hold when the worst of the crisis hit the region, but is reportedly ready to spend Dhs 1.4 billion this year to complete nine projects around Dubai on which construction work was previously stopped.