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UAE’s Nakheel H1 profit USD143m

06 Dec 2011

(MENAFN) UAE’s Nakheel said that driven by units’ delivery and leasing and retail operations, during the year’s first half, the property developer’s net profit reached USD143 million, reported Emirates 24/7.

The firm added that during the period, it slashed overheads by USD35.6 million compared with 2010’s same period, moreover, Nakheel finished its USD16 billion restructuring program and resumed work on some of its delayed projects.

It also said that the figures indicated that the real estate market in Dubai started to become more stable, a market where Nakheel is a main player and would continue to strengthen its position within time.

It is worth noting that Nakheel’s 2010 profit was USD234 million, whereas profit in 2010’s first six months reached USD15.87 million.

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