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Nakheel Rules Out Liquidity Problems
DUBAI - Nakheel — the government-owned developer of Dubai’s palm-shaped islands — has adequate funds for its projects and there is no plan for further layoffs, said its Chief Executive Chris O’Donnell here on Monday.
“Nakheel has no plans to launch new developments as sales are slowing and basically we are managing the projects on supply and demand basis,” he said.
Nakheel had not made any sales in the last couple of months and the firm’s first sukuk, worth around $3.6 billion, would come up for renewal in November 2009, the Chief Executive Officer informed reporters on the sideline of Dubai Metro naming rights event.
Regarding Palm Deira construction work he said, “The work is substantially slower than what we were doing four months before because of supply and demand.”
It was reported last month that Nakheel is considering an initial public offering of as much as $15 billion and is looking for IPO managers.
Earlier this month Nakheel told Reuters that it was not in discussions over the sale of the company and that a public listing for the firm was still an option, but there was no time frame.
In November, Nakheel announced that it had scaled back some of its projects and laid off 500 staff.
Describing the decision as a responsible action in the light of the current global market conditions, a Nakheel spokesperson said, “We have the responsibility to adjust our short-term business plans to accommodate the current global environment. The redundancies are indeed regrettable, but a necessity dictated by operational requirements which are in turn dependent on demand.”
All the affected employees were provided a redundancy package, which includes outplacement support services to assist in this time of transition, added the spokesperson.
abdulbasit@khaleejtimes.com
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