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Dubai's Nakheel plans asset sales with government backing

Troubled developer reports an upswing in prime area sales but will concentrate on consolidating and offering swap options to investors

Ahram Online, Tuesday 26 Apr 2011
Views: 1106
Views: 1106

Real estate giant Nakheel has said its operations over the coming years will be fully funded by Dubai's government and assets sales will be part of the company's normal course of business.

A spokesman for the troubled publicly-owned company was quoted by local news-site Emirates Business 24/7. No more details of the operational plan were given.

According to Nakheel, sales have picked up in prime areas of the Emirate such as Jumeirah Islands and Palm Jumeirah, but emphasis remains on consolidation and offering swap options to investors.

“We will be selling our residential properties to raise cash and that is in our five year plan,” the spokesman said.

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