Nakheel profit jump boosts Dubai property and stock market further
10/04/2014
A jump in quarterly profit reported by Dubai developer Nakheel on Wednesday may boost local markets on Thursday, even though the company itself is unlisted.
The government-owned property company made a net profit of AED629m ($171m) in the first three months of the year, up 28 percent from the same period of 2013.
The news may support expectations of significant increases in the quarterly profit of listed property companies such as Emaar Properties, Deyaar and Union Properties. It is also a positive signal for local banks that have exposure to Nakheel, which was hit hard by the 2009 crisis.
Nakheel's chairman Ali Rashid Lootah said on Wednesday that the developer was on course to further reduce its bank borrowings in 2014, after it paid off AED2.35bn of bank debt in February, 18 months ahead of maturity.
Dubai's index climbed 0.9 percent to a multi-year high of 4,786 points on Wednesday. Contractor Arabtec Holding, which is expected to profit from a resurgent construction sector, was the main gainer, adding 3.9 percent.
Nakheel builder of the Palm Islands off the coast of Dubai has been criticised for not deliver projects on time and huge delays. The developer is showing signs of recovery after the 2009 crisis where Nakheel overstretched its plans.
Advanced Dubai Maps
Our Advanced maps give you detailed information such as Plot numbers, Building Pictures, Location and Views.
I need a job. As marketing manager
Aloha from Maui, Hawaii....My name is Mark, I'm a broker with Maui Coast Properties and have several vacation rentals available.
"No Commission" & "No Down Payment" & "No Cheques" Ready to move Apartment France Cluster. DubaiZoneDXB@gmail.com
0525115511
Sajad
Need 2 villas in Spring, vacant only,type 4, Side by side or opposite to each other.
Required Full building for sale in Dubai freehold areas.
Budget upto 100 million
