Dubai's Nakheel to add $272mln to recurring revenue this year, says chairman | ZAWYA MENA Edition:
"Dubai property developer Nakheel is set to add a further 1 billion UAE dirhams ($272.3 million) to its recurring revenue by the end of this year, according to the company's chairman, Ali Rashid Lootah. Lootah said the company currently generates about 25 percent of its total sales from recurring revenue, but added that this would be boosted by the addition of rents from the 1.2 billion UAE dirham Nakheel Mall project and the 800 million dirham The Pointe dining and entertainment complex on Palm Jumeirah, as well as through rentals of newly-completed villas at its Nad Al Sheba development, where 1,572 homes are being built. In January, Nakheel declared a 14 percent increase in profit of 5.67 billion dirhams for 2017, but the company did not disclose a revenue figure. However, Lootah told Reuters last year that the company will aim to generate over half of its revenue through recurring income by 2021."
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