Nakheel swings to first-half loss as revenue plunges

Nakheel, the property developer owned by Dubai World, swung to a first-half loss of Dh13.4 billion ($3.65bn) as revenue fell and it wrote down the value of land and property. The loss for the company, which is building palm-shaped islands off the Dubai coast, compared with a profit of Dh2.65bn in the same period a year earlier, Nakheel's financial statement for the six months through last June showed. Revenue fell 78 per cent to Dh1.97bn. A spokesman for Dubai World declined to comment.

Dubai World, owned by the Dubai Government, began talks last week with banks to restructure $26bn of debt, including repayment of $4bn due on an Islamic bond issued by Nakheel that is due next Monday. Dubai World held talks yesterday with its six main creditors, said a banker familiar with the negotiations. Nakheel has written down the value of land and certain developments under construction to their market value after property prices slumped, the company document said. Nakheel has worked to reduce capital expenditure by slowing down or scaling back some projects to beyond 2012, it said.

Nakheel had total assets of Dh147bn at the end of June compared with Dh155.5bn at the end of December of last year. It had liabilities of Dh73.3bn, including term loans of Dh16.3bn. The company has received Dh9bn in assistance from the Dubai Financial Support Fund since the onset of the global credit crisis, said Abdulrahman al Saleh, the director general of Dubai's Department of Finance, yesterday.

Godzilla x Kong: The New Empire

Director: Adam Wingard

Starring: Brian Tyree Henry, Rebecca Hall, Dan Stevens

Rating: 4/5

Important questions to consider

1. Where on the plane does my pet travel?

There are different types of travel available for pets:

Manifest cargo
Excess luggage in the hold
Excess luggage in the cabin

Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.

2. What is the difference between my pet traveling as manifest cargo or as excess luggage?

If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.

If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.

3. What happens when my pet arrives in the country they are traveling to?

As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.

If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.

If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.

4. How long does the travel paperwork and other travel preparations take?

This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.

In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.

5. What vaccinations does my pet need to travel?

Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.

Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.

Source: Pawsome Pets UAE