Nakheel targets 15% increase in 2014 profit

Chairman expects leasing business to generate revenue of $326.7mn

NEWS, Business, NAKHEEL, Profit, Real estate

Nakheel is aiming for a 15% rise in its annual profit in 2014.

In 2013, the property developer made an annual profit of $699.7mn (AED2.57bn), up by 27% from the previous year.

"Our profit will be better (higher) than last year - we are targeting 15% growth (in profit)," chairman Ali Rashid Lootah told reporters in Dubai at a press conference to announce the launch of plot sales at Deira Islands.

Nakheel has recently announced plans to launch on Sunday more than 12.4mn ft2 of prime land at Deira Islands, its new 15.3km2 waterfront city.

Lootah expects the firm's leasing business to generate $326.7mn (AED1.2bn) in revenue in 2014, and more than $816.7mn (AED3bn) in 2016.

"It's our strategy to build more cash generating assets, we will still be developing but we will be focusing more and more on that," Lootah said.

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