OFTEN CALLED NAKHEEL’S turnaround man, Lootah has helmed another particularly good year for the Dubai-based developer. Having paid off its legacy debts from the real estate meltdown of 2009 to 2011, Nakheel is now reeling off mega profits quarter after quarter. In 2014, the Palm Islands developer reported that its profits rose 43.2 per cent to Dhs3.68 billion. Stating that the company expects to maintain 40 per cent profit growth in 2015 and 2016, Lootah by all reports is now gearing up towards the next big step for the developer – an IPO.