Nakheel to concentrate on incomplete projects this year

UAE's Real Estate major Nakheel confirmed that this year, the company's main focus would be on completing projects that are already under construction.

The Dubai-based property developer said that it was optimistic that the company would come out from the global crisis as a strong and diversified organization.

It should be noted that just days after the company posted a 90 per cent full-year profit decline as a result of "impairment charges" worth AED4.8bn, including AED678m in contract termination costs, has the statement by the company come to scene.

As of now, 2,200 villas at Jumeirah Village and 900 at Jumeirah Park are the most significant developments under construction, which are estimated to be completed by the end of the year.

By the end 2010, additional 2,000 homes at the Al Furjan development are expected to be delivered.

The company said in a financial report, "The immediate priority for Nakheel in 2009 and 2010 is to ensure the completion of projects under construction and delivery of Nakheel's commitment to customers to deliver high quality finished product."