Real estate related news and press releases covering MENA region.
Nakheel not planning asset sale
Aug 07, 2012
Ali Rashid Lootah, the chairman of state developer Nakheel has ruled out plans to sell any assets, saying it is now a profitable entity and has succeeded in pruning trade claims by 85%, Gulf Business has reported. “We were supposed to sell some assets in 2008, but we managed to defer that,” Lootah said. “My aim is not to sell, not to divest. We will increase our income from other sources – from selling land, new residential developments, more income from retail and leasing – to avoid it.”