13.09.2011 - Nakheel wrote off $21.4 bln in values after Dubaiís real estate crash
Nakheel PJSC, Dubaiís biggest developer, told creditors it wrote down 78.6 billion dirhams ($21.4 billion) from the value of its real estate as property prices in the emirate crashed. The Dubai government-owned company wrote off 301.4 million dirhams in the first half of last year, 73.8 billion dirhams in 2009 and a further 4.44 billion dirhams in 2008, according to its Islamic bond prospectus issued last month and obtained by Bloomberg News.............................................Full Article: Source
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