Dubai-based real estate developer Nakheel made profits of AED2.57bn ($700m) in 2013, up 27 per cent on 2012.

The profits were made on revenues of AED9.4bn, which were up 20 per cent on the AED7.8bn made in 2012. “The results indicate that real estate is back and growing,” said Nakheel chairman Ali Rashid Lootah on 19 January.

The results follow Nakheel’s announcement on 4 January that it will start prepaying bank debts this year.

It will prepay AED2.35bn of bank debt by the end of February this year. The early payment constitutes more than one-third of its total bank debt of AED6.8bn due for repayment in September 2015. It will pay a further AED1.65bn in August this year. Then, in February 2015, it will pay AED1.5bn, and in September the same year it will pay another AED1.5bn.

The company’s AED4.5bn trade creditor sukuk (Islamic bond) due to be paid in August 2016 will be paid on time.

At the time of the restructuring, Nakheel had a total bank debt of AED7.9bn that was due for repayment in 2015, 2016 and 2018.