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05-01-14

Dubai's Nakheel to repay third of its debt in Q1

(MENAFN) Dubai developer Nakheel will repay about a third of its total bank debt in the first three months of 2014, according to Arab News. The company has suffered the 2009 Dubai's property market collapse and was rescued by the government by the USD16-billion plan in 2011. Nakheel's Chairman, Ali Rashid Lootah, said the company will not need any further governmental support and is targeting annual profit growth of 15 percent.