Dubai's Nakheel posts $420m net profit in Q1, up 5%

Developer says retail, hospitality and residential leasing businesses all continue to perform robustly
By Staff writer
Wed 02 May 2018 01:59 PM

Dubai master developer Nakheel made a net profit of AED1.55 billion ($420 million) in the first quarter of 2018 – up 5 percent on Q1 2017, it announced on Wednesday.

The developer said in a statement that it handed over nearly 200 units to customers during Q1, and sold the last available villas at its new Warsan Village community, with all 934 homes now purchased.

It added that its retail, hospitality and residential leasing businesses all continued to perform robustly.

Nakheel also signed construction contracts worth almost AED5 billion as Q1 saw significant construction progress at several Nakheel residential, retail and hospitality projects, including The Palm Tower, Nakheel Mall and The Palm Gateway on Palm Jumeirah; Deira Islands Night Souk, Deira Mall and the RIU and Centara resorts at Deira Islands; and Warsan Souk at Warsan Village.

Nakheel chairman Ali Rashid Lootah said: “It has been an impressive start to 2018, with our Q1 results reflecting our ongoing delivery and diversification as per our business plan, and our key role in enhancing Dubai’s real estate sector – through a growing range of residential, retail and hospitality projects – in line with government goals.”

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Last Updated: Wed 02 May 2018 02:02 PM GST

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