Nakheel's nine-month net profit almost doubles

Posted by: Red Snappa Saturday, 27 October 2012 10:38 PM[UAE] - Ireland

On this very subject, I've just learned two pieces of news:-

1) I understand that Nakheel are refusing to pay for the electrical cabling infrastructure that is required to connect third-party villa developments to the main power distribution at Jumeirah Golf Estates. Nakheel is saying this is the developer's job not their's so not to their account! Anyone got any further info ? Another stand off brewing perchance- some of those villas have been ready since the beginning of 2010, but owners unable to take handover without power supply.

2) Also relating to Jumeirah Golf Estates. Contractors Laing O'Rourke and ANC have pulled off site once more due to payment issues and work on the villas at Whispering Pines, Flame Tree Ridge and Fireside apparently ceased 2 months ago. Yet another feather in the cap for the reputation of Dubai's property sector.

Would anybody verify these two items? Cue for some deep services investigative journalism?

Posted by: Paolo C Tuesday, 23 October 2012 8:25 AM[UAE] - Italy

Can only agree. Cash your invoices and don't pay your suppliers and profit will grow. Good job Nakheel. Great example for future generations.

Posted by: Berny Madoff Monday, 22 October 2012 5:22 PM[UAE] - Italy

If you I don't pay my debts and don't deliver the goods to my customers, well I would be billionaire

Posted by: Red Snappa Monday, 22 October 2012 4:35 PM[UAE] - Ireland

Would be interested to see what the longer term forecasts look like, man cannot live by retail alone in one of the most crowded retail sectors in the world. Plus Nakheel under its $ 16.1 billion debt restructure plan has some simply enormous repayments to start making. $299.5 million profit in 9 months does not go a long way in that context.

Remember this all has to be repaid in between 5 and 8 years time, in fact you can probably deduct 12 months from that timescale now, profit and debt numbers which do not quite stack up perhaps?

Trying to cut rightful creditor payments down by 80 per cent, I agree completely unethical if you delivered a truly honest journeyman's invoice in the first instance, still does not provide the answer to the corporate conundrum above.

Posted by: peter Monday, 22 October 2012 12:14 PM[UAE] - dubai

how does it feel to make profit with other peoples money???