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Dubai's Nakheel records $1bn net profit in 9M 2017

The company also confirmed it had handed over 1,200 units in 2017 to date, with an additional 23,000 under construction across Dubai

Nakheel currently has units under construction across Dubai, including Palm Jumeirah.
Nakheel currently has units under construction across Dubai, including Palm Jumeirah.

Dubai-headquartered property developer, Nakheel, posted a year-on-year hike in its net profit for the first nine months (9M) of 2017.

The firm recorded $1.1bn (AED4bn) as net profit for the period, 2.5% higher than corresponding figures for 9M 2016. 

READ: Nakheel awards $45m Deira Islands contract to APCC

Additionally, Nakheel confirmed it has handed over 1,200 units in 2017 to date, and has more than 23,000 units under construction across Dubai, including communities such as Palm Jumeirah, Nad Al Sheba, and Jumeirah Park. 

Construction contracts worth more than $2bn (AED7bn) have been awarded by the company so far this year, with the total figure for 2017 expected to cross the $3bn (AED12bn) mark, according to an announcement by Nakheel this September

Awarded contracts include a $1.1bn (AED4.2bn) deal for Deira Mall, and a $408.3m (AED1.5bn) agreement for The Palm Gateway, Dubai Media Office reported. 

Commenting on these financial results, Ali Rashid Lootah, the chairman of Nakheel, 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." 

 

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Construction Week - Issue 738
Apr 21, 2019