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FINANCIAL NEWS
Nakheel has no plans to sell assets
06 Aug 2012
(MENAFN) Nakheel’s Chairman, Ali Rashid Lootah, has announced that as the company is making profits now, it has no plans to sell any of its assets or divest, reported Emirates 24/7.
Lootah stated that although the firm considered selling some assets in 2008 to increase income, however, it managed to suspend that move, and plans to avoid it via selling land, new residential developments and generate more income from retail and leasing.
He noted that the property developer slashed trade claims by 85 percent, settling USD816 million out of a total claim of USD2.17 billion from creditors.
It is worth noting that Nakheel posted a USD208.82 million first-half profit, representing an increase of 36 percent from last year’s USD152.96 million.
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