Dubai’s Nakheel reports 2.5% profit rise for first nine months

The developer has handed over almost 1,200 units to customers so far this year

Dubai developer Nakheel made a net profit of Dhs4bn for the first nine months of 2017 – an increase of 2.5 per cent compared to the same period last year, it announced on Wednesday.

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

It has completed its Warsan Village and Jumeirah Islands Townhouses communities and 401 homes at Al Furjan.

Nakheel also broke ground on hotels at Ibn Battuta Mall and Dragon Mart and opened Jumeirah Islands Pavilion neighbourhood retail centre.

So far this year, the developer has also awarded construction contracts worth over Dhs7bn, including a Dhs4.2bn contract for Deira Mall and an Dhs1.5bn contract for The Palm Gateway, with more due by the end of the year.

Read more: Pictures: Dubai’s biggest mall set to be completed by 2020

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.”

The company presently 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 clubs and restaurants.

Last month, Nakheel announced Dhs4bn ($1.08bn) of projects across the city ranging from apartment buildings and villas to marinas and a mall.

The developments include a residential tower on the Palm Jumeirah, a large multi-purpose project in Discovery Gardens, new homes and leisure attractions in Jumeirah Park, a new hotel in Jumeirah Village Circle and six marinas on Deira Islands.

Read more: Dubai’s Nakheel reveals $1bn of projects including new community, mall