Ali Rashid Lootah has cast off any doubts about Nakheel’s recovery. Lootah has been patiently steering the company through its restructuring and this year it was able to “out-perform the commitments set out in our post-restructuring business plan”, he said.
As a result of the launch of its new projects and through delivery of thousands of units to customers, Nakheel was able to repay $639mn more than a year-and-a-half ahead of time.
“Our prepayment is a major milestone in Nakheel’s history, and further proof of our robust financial performance since we completed our restructuring in August 2011.”
In 2013, the company achieved a 27% increase in profits to $700mn. Its turnover climbed by 20% to $2.12bn.
Nakheel has recommenced work on all 10 of its near-term projects, launching schemes worth between $1.6bn-$2.2bn in 2014. The most notable of these is Deira Islands, a four-island, mixed-use waterfront scheme that is a replacement for the Palm Deira project. It will add more than 40km to Dubai’s coastline, providing infrastructure for new hotels and apartments.