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Nakheel targets 15% rise in profit

DUBAI: Dubai property developer Nakheel is a targeting a 15 percent increase in annual profit in 2014 as it launches new projects and expands its leasing income, the firm’s chairman said.
Nakheel agreed a $16 billion debt restructuring in 2011 in the wake of a property crash that sent Dubai’s house prices tumbling by more than half from a 2008 peak, oversupply and the global financial crisis ending years of fervent speculation.
Yet the emirate’s real sector is resurgent, with rental and sales prices rebounding, and this helped Nakheel make an annual profit of 2.57 billion UAE dirhams ($699.70 million) in 2013, up 27 percent from a year earlier.