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Dubai’s Nakheel expects 2011 profit

Ali Rashid Lootah, chairman of Dubai-based Nakheel has said the developer expects to post a profit in 2011 in line with its last year's results, and will issue the final tranche of its $1.63bn Sukuk by the end of the year, Reuters has reported. The state-owned firm made a profit of Dhs860m ($234m) and said it forecasts a rise in revenue this year as it revamps its operations post its $16bn debt restructuring, Lootah said last week. Nakheel issued the first tranche of the Islamic bond earlier this month to trade creditors.