Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE- Nakheel eyes 15 per cent growth  Join our daily free Newsletter

MENAFN - Khaleej Times - 05/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Nakheel expects more than 15 per cent growth in its annual profit for 2013, according to its chairman Ali Rashid Lootah.

The developer of palm-shaped islands declared Dh2 billion profits for 2012 and it's likely to announce more than Dh2.3 billion profits for 2013. Strong recovery in Dubai real estate market helped the property developer to earn significant profit growth in recent quarters.

The company posted 58 per cent year-on-year growth in nine-month profit for 2013. It may declare over Dh530 million earnings for the fourth quarter of 2013.

"Our growth target is 15 per cent. We think our results will be better," Lootah told reporters at a news conference on Saturday.

Over the past 28 months, since the successful completion of the financial restructuring, Nakheel has continued its focus on delivering the revised business plan and creating a long-term sustainable business.

During this period, both revenues and net profits have doubled from financial year 2011. Not only has the company returned to profitability, it has witnessed an almost threefold increase in cash flows generated in last year compared to 2011.

"This strong financial performance is the result of Nakheel recommencing all 10 of its 'Near Term' projects, giving the required impetus to the local real estate market by providing opportunities forocal contractors to restart construction activity in Dubai," Lootah said.


"The result of these efforts is borne out by the fact that by the end of financial year 2013, Nakheel had handed over 7,000 units to customers and paid amounts aggregating to Dh12.3 billion to various contractors, creditors and suppliers since the restructuring began in November 2009.

"Our financial performance has significantly exceeded the revised business plan, leading to improvements of approximately Dh22 billion to date over the plan period," he said.

Nakheel is well on its way to establishing its leading position in the local and regional real estate sector, the chairman said.

"We continue to successfully deliver on our revised business plan and to earn trust and confidence among investors," he said.

With the objective of increasing its portfolio of cash-generating assets, Nakheel has several retail and leasing units under construction which, when complete, will more than double the existing net retail leasable area from 2.5 million square feet to about 5.6 million square feet.

The number of leasing units is also set to increase from the current 16,500 to about 17,000 when completed.

In addition, the company is developing four hotels with a combined total of 1,200 rooms that will progressively come on stream this year, with more under evaluation.

 


Khaleej Times




  MENA News Headlines
 Feb 9 2016 - Asian rebels in Aleppo Western blind spotAsia Times
(MENAFN - Asia Times) Militants of the Uzbek group Katibat al Taqhid wal Jihad fighting at Tal Bajir in southern Aleppo However as German intelligence pointed out over 95% of the fighters in ...

 Feb 9 2016 - Jordan to increase commercial, investment trades with AlgeriaMENAFN
(MENAFN) Jordan and Algeria plan to enhance the joint free trade agreement, increase commercial exchange volume and support establishing investments in both nations.Accordingly, both sides are ...

 Feb 9 2016 - Dubai's Falcon City to invest USD 2bn in new projectsMENAFN
(MENAFN) Dubai's Falcon City proclaimed the long-delayed project will attain new life this current year with almost USD 2bn in new developments.Moreover, the project viewed only almost tenth of the ...

 Feb 9 2016 - Lulu Group expands its hypermarket in OmanMENAFN
(MENAFN) Middle East retail Lulu Group spread its presence in the Sultanate of Oman through opening its newest hypermarket in Suwiaq, a coastal town in north east of the country.Furthermore, the new ...

 Feb 9 2016 - UAE- ENEC and TRANSCO sign deal for Barakah Nuclear Power PlantEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 9th February 2016 (WAM) -- The Emirates Nuclear Energy Corporation ENEC has signed the Connection and Interface Agreement C&IA with the Abu ...

 Feb 9 2016 - UAE- Remarks by World Bank Group President Jim Yong Kim at World Government SummitEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI 9th February 2016 (WAM)--World Bank Group President Jim Yong Kim has commended the UAE leaders for good governance that helped built the modern and ...

 Feb 9 2016 - Summit in UAE that will benefit the world: paperEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 9th February 2016 (WAM) -- A UAE newspaper has said that world attention remained focused on the UAE on Monday and for valuable reasons. "The ...

 Feb 9 2016 - UN appoints Special Coordinator on improving the United Nations response to sexual exploitationEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) New York 9th February 2016 (WAM) -- UN Secretary-General Ban Ki-moon has appointed Jane Holl Lute as a Special Coordinator on improving the United Nations ...

 Feb 9 2016 - UAE- MD CEO of DEWA highlights private sector's contribution to innovating in clean energyEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI 9th February 2016 (WAM) -- Saeed Mohammed Al Tayer MD & CEO of Dubai Electricity and Water Authority DEWA has noted that Dubai provides the ...

 Feb 9 2016 - UAE Ambassador Italian Justice Minister discuss cooperationEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ROME 9th February 2016 (WAM) -- Saqr Nasser Al Raisi UAE Ambassador Extraordinary and Plenipotentiary to Italy and Andrea Orlando Italian Minister of ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help