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Nakheel saw $3.65 billion loss in the first half of 2009

Dubai-based property developer Nakheel saw a loss of..


December 8, 2009 4:38 by

Dubai-based property developer Nakheel saw a loss of AED13.4 billion ($3.65 billion) during the first half of the year, with revenues falling to AED1.97 billion, 78 percent less as compared to the same period last year, reports Bloomberg News. The company made a profit of AED2.65 billion during the first half of 2008, says the report.

Last month, Dubai World, the parent company of Nakheel, asked creditors for a six-month debt standstill on Nakheel’s $3.52 billion Islamic bond which matures next week.


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