Nakheel To Recruit New Legal Team For Chasing Non-PayersWednesday, September 12, 2012
Nakheel, Dubai based real estate developer, is looking forward to recruiting two senior executives in the firm. The two seniors are expected to defend the firm in the court in the legal cases filed against it. The debt-ridden developer, Nakheel, has plans to hire a community officer and a legal counsel. Nakheel also highlights the responsibilities of both executives on its website. According to its website, the responsibilities of a legal counsel will be drafting bounced cheque letters, late and non-payment letters, reviewing legal cases filed against the company and initiating legal actions on company’s behalf. To qualify for this post, applicants must have a degree in law.
On the other hand, community officer will be required to take the charge of recovering service charges from building owners, unit owners and developers of Palm Jumeirah. Nakheel considers that ‘knowledge in simple financial management’ is the ideal qualification for this post. 23rd September is the last date to apply for the position.
The chairman of Nakheel, Lootah, highlighted last month that the firm has AED 5bn due in creditor claims. He also said that the firm expects creditors to accept up to 80% less than the amount they owe. Lootah also said Nakheel has settled AED 3bn out of AED 8bn and it expects to lower the value of remaining invoices to AED 1bn.
Nakheel has reported a net profit AED 767m during H1 up from 562m reported during the same period last year. Its profits have jumped by 36% and revenues have risen to AED 3.1bn. This shows Nakheel is slowly recovering.