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MENAFN - Khaleej Times - 14/12/2013
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(MENAFN - Khaleej Times) "Instructions have been sent to Deutsche Bank, the registrar and paying agent for the sukuk, to make the profit payment to all sukuk holders on the due date of December 15, 2013 against the sukuk issued amount of Dh4.4 billion to date," the developer said in a statement. Nakheel, which was taken over by the Dubai government in 2011, following a restructuring, has issued Dh4.3 billion in sukuk to date.

In June, it made a profit payment of Dh210 million against its trade creditor sukuk as it started not only to revive several of its stalled projects but also announced the launch of new projects on the back of steady recovery seen on the property sector.

"We continue to honour our financial commitments and to implement our revised business plan, further helping the recovery of the real estate sector in Dubai. In turn, investor and contractor trust in Nakheel continues to grow," said the developer which is seeking to refinance its Dh8 billion debt maturing in 2015.

Nakheel, which recorded nine-month profit of Surge of 58 per cent, has already repaid around Dh12 billion to trade creditors and almost Dh1.5 billion to creditors in the form of loan interest and sukuk profit payments since August 2011.

The developer, which is on course to deliver an estimated 3,000 units in 2013, made a net profit of Dh1.77 billion in the first nine months of 2013 as revenues surged 50 per cnt to Dh6.83 billion, compared to revenues of Dh4.54 billion in the same 2012 period, the company said in a statement.

"The strong results reflect continuing growth and strengthening of the real estate market in Dubai, and the on-going support of the Government of Dubai and commitment by Nakheel to delivering the post-restructuring plan," said the developer, which was taken over by the government as part of a 16 billion restructuring plan in 2011.

Nakheel has delivered around 6,700 properties (including around 2,200 in 2013 alone) since completing its restructuring in August 2011. The majority of handovers took place in residential developments in Palm Jumeirah, Al Furjan, International City, Jumeirah Village, Jumeirah Park and Jumeirah Heights.

The developer, which has a been behind some of the iconic developments in Dubai including the Palm Jumeirah and The World Islands, recently announced a plan to relaunch Palm Deira project after renaming it as Deira Island.

Nakheel Chairman Ali Rashid Lootah said Deira Island would have about 1,400 retail units and restaurants including a night market, plus a 250-room hotel, a 30,000 capacity amphitheatre and other attractions.

The developer has also announced the relaunch of Al Furjan residential villa community. Nakheel has also awarded contracts worth Dhs174 million for the construction of two new beachfront projects on Palm Jumeirah.


Khaleej Times

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