Nakheel reports 91% surge in 2012 revenue
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Nakheel reports 91% surge in 2012 revenue

Nakheel reports 91% surge in 2012 revenue

Dubai's property developer Nakheel has announced its full-year profit rose 57% to Dhs2.02bn ($550m), on 91% increase in revenue to Dhs7.8bn, Reuters has reported. "It is proof that investor confidence is back," chairman Ali Rashid Lootah said. "Nakheel's strong financial performance ... is a clear sign of a recovery in Dubai's real estate sector," he added. Nakheel said it has cut its long-term liabilities by about Dhs7.3bn and will hand over 3,000 units to customers in 2013. It also plans to invest Dhs6.5bn over the next three years on new projects.

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