Nakheel has all eyes on development pipeline

A Nakheel spokesperson has assured that the leading developer has no plans on rushing into a public offer anytime soon.
Despite the current heavy investor appetite for real estate IPOs from Dubai companies, Nakheel will not be rushed into a public offer any time soon, Gulf News reported.
“Investors would prefer seeing the risks being spread out over many developments; plus we have to build up good-sized clusters before we can think of an IPO,” said Ali Rashid Lootah, Chairman.
“It’s our intention to build up a recurrent income of AED7.5 billion from our entire leasing portfolio within the next three years. The target for the retail gross leasable area is 10 million square foot.
“For 2015, the plan is to retain the growth rates we had had this year as the bare minimum.” For 2013, the developer recorded revenues of AED9.4 billion from a 20 per cent year-on-year increase.

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