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Sat 2 May 2009 02:54 PM

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Nakheel to focus on project completion this year

Statement says it will also focus on "managing customer collections", "debt maturitues".

Completing projects that are already under construction will be Nakheel's priority this year, the company said in a statement on Saturday.

The Dubai-based property developer added that it was “confident that it will emerge from the global crisis as a strong and diversified organisation”, according to UAE daily The National.

The statement was issued just days after the company posted a 90 per cent full-year profit decline as a result of “impairment charges” worth AED4.8bn, including AED678m in contract termination costs.

The most prominent developments under construction at present are 2,200 villas at Jumeirah Village and 900 at Jumeirah Park, which are due for completion by the end of the year.

A further 2,000 homes at the Al Furjan development are expected to be delivered at the end of 2010.

“The immediate priority for Nakheel in 2009 and 2010 is to ensure the completion of projects under construction and delivery of Nakheel’s commitment to customers to deliver high quality finished product,” the company said in a financial report.

Other key areas the company will be focusing on in 2010 include; “managing customer collections”, “development expenditure” and “addressing debt maturities which are due to expire towards the end of the year”, the statement said.

In December, the company announced it was suspending a hiumbe rof projects, including for the construction of Trump International Tower and Hotel on Palm Jumeirah.