Last year was a controversial one for the Nakheel chairman with the on-going row with residents on the Palm Jumeirah over service fees.
Undeterred, Lootah has been busy rolling out a string of big new projects including the new Nakheel Mall and the Palma Villas. The company announced a 57 per cent profit surge to AED2.017bn for the year ending December 31 2012. The company also saw revenues come in at AED7.8 billion, up 91 per cent over the same period. The company said it handed over approximately 4,600 units since the start of its restructure until December 2012, predominantly in Palm Jumeirah, Al Furjan, International City, Jumeirah Village, Jumeirah Park, and Jumeirah Heights residential developments. Nakheel said it completed interest and profit payments of around AED800 million to all lenders in 2012, and has made cash payments of around AED10 billion to various trade creditors and contractors since the start of its restructure. Long term customer liabilities have been significantly reduced - amicably - by around AED7.3 billion.