Nakheel reports 19% increase in annual profit

Posted on 4th February 2016

Dubai-based property developer Nakheel has reported a 19% increase in annual profit.

The master developer, which agreed a $16bn debt restructuring in 2011, announced a profit of $1.19bn (AED4.38bn) in 2015 - in comparison with the (AED3.68bn) in 2014, according to a company statement.

The company did not state its revenue or reveal other financial details, according to Constructionweekonline news report.

The master developer recently confirmed that it had awarded a $381.19m (AED1.4bn) contract for The Palm Gateway - a new three-tower residential, retail and beach club complex located on Palm Jumeirah.

The company has appointed Ssangyong Engineering & Construction Co and China State Construction Engineering Corporation (CSCEC) to carry out the work, which is expected to begin in Q1 2016 and will take two years to complete.

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