Built to inform

Sign up for the daily newsletters

No, Thank you

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." 

 

Most popular

Awards

Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week Middle East 11th Jan 2020
Jan 16, 2020