Dubai's Nakheel posts $1.2bn profit in 2018 amid portfolio growth
Retail, hospitality, and leasing units generate $680m in a year marked by Enrique Iglesias' live performance at The Pointe
Dubai-based developer Nakheel has posted net profit of $1.2bn (AED4.38bn) for 2018, with the company noting progress on its residential, hospitality, and mixed-use projects during the year.
The firm's total equity stood at $13.34bn (AED49bn) in December 2018, which Nakheel said has more than doubled since its 2011 value of $6.53bn (AED24bn).
Nakheel’s current and future non-development portfolio includes 19 retail projects; 18 hotels, resorts, and serviced apartment complexes with 6,600 keys; and 24 clubs and restaurants in Dubai.
Nakheel is collaborating with Dubai's Roads and Transport Authority (RTA) on Phase 2 of the Ras Al Khor Street Improvement and International City entrances project.
During the year, Nakheel also focused on growing its strongly performing retail, hospitality, and leasing businesses, which together generated revenues of $680m (AED2.5bn) in 2018.
In 2018, the developer launched two residential projects in Dubai, including the twin-building Dragon Towers apartment complex in Dragon City, and a set of homes in Jumeirah Park.
Nakheel's operational retail space grew to 46.4ha in 2018, driven by the launch of The Pointe, a waterfront dining and leisure development in Palm Jumeirah, where Spanish pop star Enrique Iglesias performed live in December 2018.
In January 2019, Nakheel started work on an infinity swimming pool at its 52-storey Palm Tower. This came after the development giant’s hospitality and leisure arm unveiled Dubai’s first floating swimming pool at Palm Jumeirah in September 2018.
Commenting on the profits, Nakheel chairman, Ali Rashid Lootah, said: “We remain ever thankful to – and inspired by – our leader, HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who has placed his trust in Nakheel to play its part in delivering [Dubai's] vision.”