{"id":42623,"date":"2017-02-02T17:17:19","date_gmt":"2017-02-02T10:17:19","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-developer-behind-dubais-palm-islands-enjoys-record-profits\/"},"modified":"2017-02-02T17:32:24","modified_gmt":"2017-02-02T10:32:24","slug":"the-developer-behind-dubais-palm-islands-enjoys-record-profits","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-developer-behind-dubais-palm-islands-enjoys-record-profits\/","title":{"rendered":"The developer behind Dubai\u2019s palm islands enjoys record profits"},"content":{"rendered":"


\nA clean slate for\u00a0the formerly debt-ridden property giant
\nAerial view of Palm Island in Dubai, UAE. Basar\/Shutterstock
\nNakheel, the real estate behemoth responsible for the palm-shaped islands dotting the Persian Gulf, announced yesterday its record takings in 2016.
\nNet profits for Nakheel reached AED4.96 billion (USD1.35 billion) last year, the highest ever for the Dubai-based developer. This is an increase of 13 percent from the AED4.38 billion (USD1.19 billion) posted by the company in 2015.
\nThe company also reduced its debt pile, accumulated from Islamic sukuk bonds, by AED4.3 billion (USD1.2 billion).
\n\u201c2016 was a momentous year in which we met and completed all of our restructuring obligations by repaying all AED4.3 billion of the trade creditors sukuk from our own resources \u2013 and recorded our highest-ever net profit since Nakheel\u2019s inception,\u201d said Ali Rashid Lootah, Nakheel\u2019s chairman.
\nMore: Dubai home purchases plummet to five-year low
\nNakheel\u2019s profits took off partly on the strength of its 18,000-unit residential leasing business. Occupancy rates for its residential leasing portolio has hovered at \u201calmost 100 per cent,\u201d the company reported.
\nProperty handovers from Nakheel totalled more than 1,426 homes and land parcels last year, up 40 percent from 2015. Most of the units were in Palm Jumeirah, Jumeirah Park, Al Furjan, and International City.
\nNakheel paid off its final trade creditor sukuk bond in August. It puts an end to a five-year restructuring process that saw the government of Dubai taking over Nakheel from its beleaguered parent company Dubai World.
\nRead next: Heart shaped island in Dubai to be the next big honeymoon destination
\n
\nSource : property-report.com
\nRead more…The developer behind Dubai\u2019s palm islands enjoys record profits<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A clean slate for\u00a0the formerly debt-ridden property giant Aerial view of Palm Island in Dubai,...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-42623","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-b5t","jetpack-related-posts":[{"id":23589,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-developer-nakheel-brings-an-end-to-debt-restructuring-saga-with-dh4-4bn-payment\/","url_meta":{"origin":42623,"position":0},"title":"Dubai developer Nakheel brings an end to debt restructuring saga with Dh4.4bn payment","date":"August 22, 2016","format":false,"excerpt":"\r Nakheel, the developer of Dubai's palm-shaped islands, has repaid an Islamic bond, bringing an end to its debt restructuring saga.The Dubai government-owned company transferred funds to agent Deutsche Bank to cover the Dh4.4 billion sukuk maturing later this month, chairman Ali Rashid Lootah told reporters in Dubai. The securities,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":42559,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-handovers-and-retail-expansion-drive-nakheel-to-record-figures\/","url_meta":{"origin":42623,"position":1},"title":"Property handovers and retail expansion drive Nakheel to record figures","date":"February 1, 2017","format":false,"excerpt":"\r Nakheel, the company that built Palm Jumeirah, yesterday said net profit last year increased by 13 per cent on higher property handovers and retail expansion despite a softening property market in Dubai. The government-owned developer, which was at the centre of the Dubai World crisis in 2009, said that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":39145,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nakheel-plans-huge-increase-in-contracts-awarded-for-next-year\/","url_meta":{"origin":42623,"position":2},"title":"Nakheel plans 'huge' increase in contracts awarded for next year","date":"December 28, 2016","format":false,"excerpt":"\r Dubai-based developer Nakheel has confirmed that it is planning to award contracts worth at least Dh10 billion next year, a 66 per cent increase from this year's figure.A spokesman for the developer confirmed that main contracts that are anticipated to be awarded within the next 12 months include one\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3597,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nakheel-reports-19-full-year-gain-despite-fall-in-q4-profit\/","url_meta":{"origin":42623,"position":3},"title":"Nakheel reports 19% full-year gain despite fall in Q4 profit","date":"February 4, 2016","format":false,"excerpt":"\r \r Fourth-quarter profit at the Dubai developer Nakheel fell by 28.7 per cent, company figures show, as Dubai's housing market continued to slow.According to figures provided by Nakheel, profit for the three months to the end of December 2015 fell to Dh770 million from Dh1.08 billion a year earlier.Nakheel,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44734,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nakheel-chief-hopes-to-attract-partners-for-two-more-deira-islands-resorts-this-year\/","url_meta":{"origin":42623,"position":4},"title":"Nakheel chief hopes to attract partners for two more Deira Islands resorts this year","date":"February 20, 2017","format":false,"excerpt":"\r Nakheel is in talks with two more potential joint venture partners for resort hotels at its Deira Islands project, which will conclude \"hopefully this year\", the chairman of the Dubai developer said on Sunday. Nakheel has retained the larger plots along a 6-kilometre stretch of beach linking the first\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24891,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nakheel-appoints-ae7-as-consultant-on-deira-islands-boulevard\/","url_meta":{"origin":42623,"position":5},"title":"Nakheel appoints AE7 as consultant on Deira Islands Boulevard","date":"September 4, 2016","format":false,"excerpt":"\r Nakheel has appointed consultant AE7 to spearhead construction of a Dh5 billion, 20-tower development at Deira Islands in Dubai.The developer said that the consultant would oversee the design, engineering and construction supervision of its Deira Islands Boulevard project.It includes 16 blocks of flats, two hotels and two serviced apartment\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/42623"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=42623"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/42623\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=42623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=42623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=42623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}