Quotes: US 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 for local 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.

 






  MENA News Headlines
 Sep 2 2014 - Egypt military academy stampede kills 9Arab News
(MENAFN - Arab News) CAIRO Nine people were killed on Tuesday in a stampede outside a military academy in Egypt by relatives seeking to visit cadets the army said in a statement.The military released ...

 Sep 2 2014 - Attack on Egypt security convoy kills 11 in SinaiArab News
(MENAFN - Arab News) CAIRO: An attack on a convoy killed 11 members of the Egyptian security forces in the Sinai Peninsula on Tuesday security and medical sources said.Two were killed by a roadside ...

 Sep 2 2014 - UAE- Human League to perform in DubaiKhaleej Times
(MENAFN - Khaleej Times) The Human League bring their electro-pop back catalogue to Dubai New wave legends The Human League will bathe The Irish Village in synths for their show on Thursday September ...

 Sep 2 2014 - UAE- Ismail Matar backs Mahdis contract extensionKhaleej Times
(MENAFN - Khaleej Times) Matar hinted that het could be able to return to the pitch in two weeks time after covering half of the four-week period decided by the doctors for his recovery.Dubai: Al ...

 Sep 2 2014 - Dubai does well to curb thalassaemia in newbornsKhaleej Times
(MENAFN - Khaleej Times) Drop in the number of disease cases attributed to awareness campaigns screenings.The number of cases of thalassaemia in newborns in Dubai has drastically reduced due to the ...

 Sep 2 2014 - UAE- Umm Al Quwain offers 50 per cent off on traffic finesKhaleej Times
(MENAFN - Khaleej Times) The 50 per cent cut on pending fines includes unpaid fines for speeding and other traffic violations available till December 5.The UAQ Police are offering a 50 per cent ...

 Sep 2 2014 - UAE- Ajman launches online renewal of car registrationKhaleej Times
(MENAFN - Khaleej Times) The programme also provides the opportunity for public to renew their registration card without having to visit the traffic department.The Ajman Police on Monday launched its ...

 Sep 2 2014 - UAE- Cop accused of kidnapping raping womanKhaleej Times
(MENAFN - Khaleej Times) He drove her to a dark location near a construction site after offering a lift where he allegedly raped her.A cop has been charged in the Court of First Instance with ...

 Sep 2 2014 - UAE- Manager blackmails women staff for sex court hearsKhaleej Times
(MENAFN - Khaleej Times) Three women have complained against the 31-year-old man alleging that he had been constantly sexually harassing them.A Palestinian manager has been brought before the Court ...

 Sep 2 2014 - UAE- 22-year-old Indian found hanging from treeKhaleej Times
(MENAFN - Khaleej Times) Police patrols and paramedics were rushed to the spot who took down the body and transferred it to Al Dhaid Hospital for an autopsy.A 22-year-old Indian man was found hanging ...

more...


 






Google

 
 

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help