Fast forward to April 2012, and as chairman Ali Rashid Lootah sits down to announce Nakheel’s latest annual results, it appears things have changed - at least in terms of the developer’s fortunes anyway.
“We achieved profit of AED1.28bn (US$348.5m)… It has been a good year. We have been doing fantastic across the board, across all of our areas… It is a big sign of the recovery of the market,” he says. He also said that a third tranche sukuk is likely to be issued in two months’ time………………………………………..Full Article: Source