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Nakheel reports 54% surge in H1 net income

Dubai’s property developer, Nakheel has reported a 54% surge in its profits in the first half of 2014 to $502.7m, Reuters has reported. The state-owned entity said its net profits hit Dhs1.85bn ($502.7m), compared with Dhs1.2bn in the first six months of 2013. The increase was attributed to strong revenues from property development, as well as improving performance in retail, leasing and leisure businesses.