By Staff writer
Developer says growth reflects stable market conditions; currently has over 2,300 homes under construction
Nakheel on Wednesday announced a net profit of AED3.91 billion ($1.06 billion) for the first nine months of 2016, an increase of 8.3 percent over the same period last year.
The Dubai-based developer also said in a statement that it recorded a net profit of AED955 million ($260 million) for third quarter of 2016, 22 per cent up on Q3 2015.
The growth in net profit reflects stable market conditions, added Nakheel.
Nakheel said it currently has more than 2,300 units at various development projects under construction, including 934 units nearing completion at the new Warsan Village community.
It is also investing around AED40 billion in expanding its retail, hospitality and residential leasing portfolios with a host of new projects under way that will further contribute to and strengthen its overall financial position.
Nakheel has around 13 million sq ft of leasable space under development at new, large-scale retail projects across Dubai, while its hospitality portfolio comprises 16 hotels and serviced apartment complexes with over 5,200 rooms between them.
The company is also planning to double its residential leasing stock by adding over 18,000 new units to its portfolio.
Nakheel chairman Ali Rashid Lootah said: “The growth in our net profit for the first nine months of 2016 compared to the same period in 2015 is a sign of a stable and mature local real estate market. The results also reflect positively on our business strategy to invest in our income-generating asset portfolio. We expect to further consolidate on our position and finish the year on an even stronger note.
"With the restructuring behind us, we can now operate with more flexibility to achieve our business and financial objectives.”