http://www.arabianbusiness.com/nakheel-not-in-hurry--pay-creditor-claims-chairman-468118.html
Nakheel chairman Ali Rashid Lootah said the indebted Dubai developer is "not in a hurry" to pay AED5bn (US$1.36bn) due in creditor claims, and expects contractors to accept up to 80 percent less than what they are owed.
Speaking to Gulf Business magazine, Lootah said the firm behind the Palm Jumeirah and the stalled The World projects had settled AED3bn out of a total claim of AED8bn from creditors. He added that he expects to lower the value of the remaining invoices to approximately AED1bn.
"The remaining big boys, they put the big figures, but we're confident it will be about the same [reduction]," Lootah said. "We expect to bring it down to not exceeding AED1bn total. We're patient. I'm not in a hurry to pay - if they want to settle, they have to be reasonable."
Nakheel was heavily involved in Dubai's 2008-2009 property crash that saw prices in the emirate plunge by up to 60 percent. In August 2011 the developer completed around US$16bn in debt restructuring.
Earlier this week, the state-owned developer said its first-half profits jumped 36 percent, buoyed by property handovers on several projects.
Nakheel, whose extravagant developments at the height of Dubai's property boom contributed to the emirate's debt woes, has been slowly recovering from the crippling real estate collapse.
The developer said net profit was AED767m (US$208.82m) in the first six months of the year, up from AED562m in the year-ago period.
Revenues rose to AED3.1bn in the first half, up 112 percent from the corresponding period a year ago, it said in a statement.
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Nakheel drains Palm pools over service fees row
and this funny / ironic in light of the above.......
http://www.arabianbusiness.com/uae-real-estate-close-stabilising-says-rics-468473.html
Sentiment in the UAE real estate investment market improved during the second quarter of 2012, boosted by the rising availability of funds, according to the Royal Institution of Chartered Surveyors (RICS).
Its latest Global Commercial Property Survey said purchaser enquiries rose for the second consecutive quarter and transactions are forecast to rise in the coming months.
It said expectations for capital values in the UAE for the third quarter show a modest increase for the first time since 2008.
According to the RICS survey, 16 percent more respondents indicated that money available for investment in real estate increased during the second quarter of the year.
The survey also said that occupier demand, led by an active retail sector, continued its rise, though at a slightly slower pace.
However it added that new supply coming on to the office market, added to existing stocks, meant that despite the recovery in demand, oversupply continued to impact upon rental expectations.
Simon Rubinsohn, RICS chief economist, said: "It is encouraging that there are now some tentative signs of a turn in the real estate market in the UAE.
"At the moment, this is more visible in the investment market and it will take some take some time to work off the excess space that has built up in recent years.
"As a result, it may be premature to envisage any upturn in rent levels but after a torrid period, the indications are that that they are at least now close to stabilising."
Elsewhere, the survey said that following on from strong Q1 results, the real estate market in North America and Canada remained buoyant in both occupier and investor markets despite the global economic slowdown.
China and Hong Kong also appeared to have relatively resilient occupier markets for the time being.
However, the survey showed a generally weaker picture across Europe, with signs of stress spreading from the periphery to other markets.
Greece, Spain, Portugal, France and Italy in particular showed signs of distress during the second quarter of the year, with both sentiment and activity levels suffering on the back of elevated uncertainty.
This article makes people to be aware of stress and distress faced by every country in quarter of the year.
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