Nakheel net profit touches Dh4b in first nine months

Master-developer maintains a sustained pace with 1,200 homes handed over

Dubai: Nakheel recorded a 2.5 per cent year-on-year increase in net profits to Dh4 billion for the first nine months of 2017. During the period, the master-developer has maintained the pace of residential handovers, at nearly 1,200 units.
Also, it has been expending its community development footprint across some of Dubai’s emerging locations, such as Nad Al Sheba and Jebel Ali. At Cityscape last month, Nakheel confirmed that it will soon get back into the offplan mode, with two signature tower project launches deemed imminent. Both are on the Palm.

“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,” said Ali Rashid Lootah, Chairman. The revenue numbers have not been announced.
So far this year, Nakheel has awarded contracts worth over Dh7 billion, including a Dh4.2 billion one for Deira Mall (on Deira Islands) and another for Dh1.5 billion for The Palm Gateway, “with more due by the end of the year”, it said in a statement.
On the completion side, there are the Warsan Village and Jumeirah Islands’ townhouse communities and the 401 homes at Al Furjan. There was also the groundbreaking for hotels at Ibn Battuta Mall and Dragon Mart.
There has been “significant progress on joint ventures with Centara Hotels & Resorts and RIU Hotels & Resorts”.
Currently, it has more than 23,200 residential units under construction, while the current and future retail portfolio comprises 17 million square feet of leasable space, including 13 million square feet under development. Its hospitality collection has 17 hotels and serviced apartment complexes, two of which are open, with 6,000 rooms between them.

All rights reserved to the initial publisher for Gulf News.
Collected and published by Arms &McGregor International Realty® editorial team. Get in touched with us at marketing@armsmcgregor.com