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Nakheel reports $403m net profit for Q1 2017

Nakheel awarded construction contracts worth $1.36bn, signed agreements with two Thai hotel operators, and opened its fifth retail pavilion in the first quarter of 2017

Nakheel is set to award contracts worth $1.09bn in Q2 2017 [image: Dubai Media Office].
Nakheel is set to award contracts worth $1.09bn in Q2 2017 [image: Dubai Media Office].

Nakheel announced today that its net profits for the first quarter of 2017 reached $403m (AED1.48bn).

According to the UAE-headquartered developer, the profit is in line with company forecasts, having handed over 412 land form and built form units to customers during the period.

The company also noted that its retail, hospitality, and residential leasing businesses are continuing to turn in solid performances. 

The quarter saw Nakheel awarding construction contracts worth $1.36bn (AED5bn), signing agreements with two Thai hotel operators, opening its fifth retail pavilion, and announcing an investment of $40.84m (AED150m) for the creation of a new network of cycle routes across Dubai, Dubai Media Office reported.

The developer will reportedly award a new set of contracts worth $1.09bn (AED4bn) in Q2 2017, while continuing to expand its retail, hospitality, and residential leasing businesses.

At the moment, Nakheel has 371,612m2 (four million square feet) of retail space in operation, with another 1.21 million square metres (13 million square feet) under development. Two of the company’s hotels are operational, with 16 more under way. Its residential leasing portfolio, meanwhile, is set to double to over 37,000 units, under the company’s ongoing expansion plans.

Ali Rashid Lootah, chairman of Nakheel, said: “Our first quarter results are as forecast. We continue to execute our long term business plan, in turn contributing positively to Dubai’s real estate sector.”

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