Nakheel doubles net profit in Q1

Developer also begins leasing space for 1100 shops within extended Dragon Mart mall

Dragon City, Dubai International City
Dragon City, Dubai International City

Nakheel has announced that its net profits for the first three months of 2015 more than doubled to AED1.35bn ($367.6m) – up 115% on the Q1 2014 figure of AED629m ($171.3m).

The company said the improved figure was a result of the fact that its development arm had handed over more properties to customers, although it added that its retail, leasing and leisure business had also improved.

It has also begun letting up to 1.3m ft2 of new retail space (or around 1,100 new shops) at its extended Dragon Mart mall near Dubai International City, which is being renamed Dragon City to reflect its growth. Once the extension is complete, it will span over 11m ft2.

Chairman Ali Rashid Lootah said: “Dragon Mart is one of Dubai’s biggest success stories, going from strength to strength since opening in 2004.

“Dragon City will further strengthen the growing trade links between the UAE and China, and open up yet more opportunities for business, leisure, tourism and living. In addition, the new community will provide more on-the-doorstep facilities for over 100,000 residents who live in neighbouring International City.”

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