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FINANCIAL NEWS
Dubai’s Nakheel reports USD348m profit in 2011
16 Apr 2012
(MENAFN) Dubai-based developer Nakheel reported a 33 percent increase in profits to USD348 million in 2011, Arabian Business reported.
The Gulf emirate-owned company also reported USD1.09 billion last year, down from USDUSD1.14 billion in 2010. Total assets rose to USD6.5 billion.
Earlier this month, Nakheel started works on its Palma Residences, and it expected to finish the project in 18 months.
Palma Residences is Jumeirah’s first residential project since the Dubai property market collapse in 2008.
Most of the Palm project will be financed by sales agreed before construction begins a method that was common before the property slump.
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