Font Size

- Aa +

Wed 17 Jul 2013 03:47 PM

Font Size

- Aa +

Project pipeline worth $2.45bn, says Nakheel boss

CEO claims funds in place for new projects despite huge debt

Project pipeline worth $2.45bn, says Nakheel boss
Nakheel banners

The chief executive of Dubai developer Nakheel has said the company's current pipeline of development projects is worth between $2.2bn-$2.5bn (AED: 8-9bn).

CEO Sanjay Manchanda said that alongside launching projects worth over $680m (AED: 2.5bn) this year, the company is also evaluating several other ways of adding value to its existing communities.

In an interview with Khaleej Times, Manchanda said: "We have successfully launched new developments and are looking to deliver approximately 1,500 units in new projects to the tune of about AED: 6bn ($1.6bn) in subsequent years," he said.

He added that the company was now back on a growth path following its restructuring, and although it had been unable to deliver all of its projects on time it has completed around 6,000 of the 9,300 projects that were on its books at the time the restructuring was finalised in August 2011.

"There have been some delays in the past, but most of them have been addressed," he said. "We are now working to clear all backlogs and complete new projects."

Speaking of its remaining debt obligations, Manchanda said the firm had enough funds to finance future projects and that it was not planning a stockmarket float at any stage in the near future.

For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.