Nakheel pays back Dh202.2m to lenders

Nakheel, one of Dubai's largest property developers, has paid Dh202.2 million to its lenders as part its restructuring commitments. The payments are in line with the due date, which is scheduled for the end of this month. "The timely discharge of the committed payments signals the successful execution of the restructured operations by Nakheel and cements the company's commitments towards successfully implementing the agreed operating plan following the completion of one of the largest and most complex restructurings in the Middle East in August 2011," a Nakheel spokesperson said. Nakheel reported a net profit of Dh526 million for the first half of the financial year ending December 31, 2011 on Dh1.5 billion revenues. This followed the successful restructuring of the company's debt and the transfer of its ownership from Dubai World to the Dubai Government. "Revenues were Dh1.5 billion and were mainly driven by the handover of development properties in a number of Nakheel projects. Other business segments, including retail and leasing, also contributed positively to the results," Nakheel said in a statement. This year has seen the government-owned dev-eloper launch a number of new projects, including construction of The Pointe, a destination mall at the tip of the Palm Jumeirah, Palm Mall and expansion of the Dragon Mart.