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.Back to all Construction News
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