Dubai's Nakheel sees nine-month net profit rise to $1bn

Master developer also says it has handed over almost 1,200 homes so far this year
By Staff writer
Wed 25 Oct 2017 01:18 PM

Dubai-based master developer Nakheel on Wednesday announced a net profit of AED4 billion ($1.09 billion) for the first nine months of 2017, up 2.5 percent on the same period last year.

Nakheel said it has handed over almost 1,200 units to customers so far this year.

Nakheel chairman Ali Rashid Lootah said: “The growth in our net profit signals stability and maturity in Dubai’s real estate market, and reflects our ongoing strategy to diversify our business in order to build a long-term, sustainable business and achieve our financial objectives.”

Nakheel added in a statement that it has awarded construction contracts worth over AED7 billion so far this year, including an AED4.2 billion contract for Deira Mall and an AED1.5 billion contract for The Palm Gateway, with more due by the end of the year.

Other milestones include completing Warsan Village and Jumeirah Islands Townhouses communities and 401 homes at Al Furjan, the developer said.

Nakheel also broke ground on hotels at Ibn Battuta Mall and Dragon Mart, made significant progress on joint ventures with Centara Hotels & Resorts and RIU Hotels & Resorts, and opened Jumeirah Islands Pavilion neighbourhood retail centre.

Nakheel has more than 23,200 residential units under construction at various locations across Dubai, including Palm Jumeirah, Nad Al Sheba and Jumeirah Park.

Its current and future retail portfolio comprises over 17 million sq ft of leasable space, including 13 million under development.

Its hospitality collection has 17 hotels and serviced apartment complexes, two of which are open, with 6,000 rooms between them, as well as a growing number of clubs and restaurants.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.