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Dubai property slump hits Nakheel

Posted on 10 December 2009

From WSJ: Dubai World’s property unit Nakheel, which is seeking to renegotiate debt, Wednesday posted a first-half loss of 13.43 billion U.A.E. dirhams ($3.66 billion), bogged down by a slump in the emirate’s property market.

Revenue fell 78% to 1.97 billion dirhams from 9 billion dirhams a year earlier, Nakheel said in a statement on the Nasdaq Dubai Web site…………………………….Full Article: Source

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