Public Relations

Nakheel posts $3.65 bn loss in H1 '09

Nakheel PJSC, the real estate company of debt-laden conglomerate Dubai World, has reported a loss of 13.4 billion dirhams ($3.65 billion) in the first half of this year. Nakheel"s loss is on account of a steep fall in the value of land prices and related writedowns. Nakheel said that challenging market environment has resulted in impairment and termination charges of 13.21 billion dirhams in the first half of this year. "The impairment charge (13.21 billion dirhams) primarily relates to the writedowns in the value of land to current fair market levels and the writedown of certain properties under construction relating to projects that have been delayed or scaled back," the filing said.

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