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FINANCIAL NEWS
Dubai’s Nakheel sells Palm plot for USD109m
13 Aug 2012
(MENAFN) Dubai developer Nakheel has sold a 305,704 sq ft plot of land on Palm Jumeirah to a local investor for USD109 million, Bloomberg reported.
Nakheel indicated that the sale showed a strong signal on a renewed investor confidence in Dubai real estate and in particular for unique products such as those offered on Palm Jumeirah.
Last month, the state-owned developer reported a 36 percent increase in half-yearly profits to USD208.82 million year-on-year, boosted by property handovers on several projects. Revenue rose 112 percent to USD843.97 million.
Last year, Nakheel ownership was transferred from Dubai World to Dubai government, as part of a restructuring process.
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