Dubai's master developer Nakheel, led by its Chairman Ali Rashid Lootah has presided over a remarkable turnaround of fortunes. Not only has his firm posted a 57 per cent full year profit but he has set an ambitious target of raising $1.63 billion in Islamic bonds or sukuk that will help it to continue with business amid a challenging environment. This, from a financial bustup situation two years ago which saw the government-owned developer agreeing to a $16 billion debt restructuring. Nakheel also scaled back grandiose plans such as building a one-kilometre high tower. The company made interest and profit payments of around 800 million dirhams to lenders last year and has now paid around 10 billion to various trade creditors and contractors. Nakheel has recently delivered 760 villas at Al Furjan, the newest residential community in Dubai. Ali Lootah has successfully weathered the storm in the form of rumours that The World islands developments - 300 man-made islands shaped like a map of the world - were washing away and that the company was looking to sell a remaining 30 per cent of the delayed project.