Dubai property developer continues to recover following debt restructuring
Dubai property developer Nakheel, which completed a restructuring of $16bn of debt in 2013, has reported a 57 per cent rise in profits during the first half of 2012.
The company said profit reached AED1.2bn, up from AED767m in the first half of 2012. Revenues hit AED4.23bn, up 36 per cent. Nakheel said it had delivered around 1,400 properties in the first six months of 2013 and expects to deliver an estimated 3,000 units in 2013.
At the beginning of the year Nakheel also reported a 57 per cent rise in 2012 profits.