Dubai - Nakheel Expects Eclectic Profit This Year

Nakheel's chairman, Ali Rashid Lootah, said on Tuesday that his company had last month completed a complex debt restructuring which expects a post in its 2011 profit and will not require any additional financing in the coming year. The real estate developer, which built its islands in the shape of palms and other ambitious projects in the United Arab Emirates, was taken over by the Dubai government in August as part of Dubai World's restructuring deal. Dubai has already given as much as $8.71 billion to the property firm. Nakheel has written off up to $ 21.4 billion of its real estate assets due to the emirate's property crisis. Ali Rashid Lootah said, "There is growth in certain area, for example Palm Jumeirah, Jumeirah Island, there is growth so usually this is the sign of recovery in the sense that always, the good areas start moving first and we are confident in the sense that it's moving with increase in the prices so the demand is there and the prices are increasing so I think this is the best sign of recovery." The company's stand at this year's Cityscape was aimed at launching a new residential project on Palm Jumierah, one of the palm shaped islands. Nakheel's commercial officer, Aqil Kazim said,"There is certainly good demand for good product in a good location so we are confident that this is going to sell quickly and we are confident that there is further demand even beyond this project for a good residential product in the city of Dubai," Nakheel made a 2010 profit of $234 million and sees a rise in revenue this year as it restores its operations after its $16 billion debt restructuring. Speakers: Ali Rashid Lootah, Nakheel's chairman Aqil Kazim, Nakheel's commercial officer By: Ikram Al Yacoub Al Arabiya with Agencies