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By Waheed Abbas
Dubai-based master developer Nakheel on Wednesday reported a net profit of 1.48 billion UAE dirham ($402.94 million) for the first quarter of 2017, a slight increase on the 1.47 billion UAE dirhams it reported during the same period last year.
The developer of the iconic Palm Jumeirah man-made island said in a statement it handed over 412 land plots and units during the first quarter, compared to 536 completed units handed over in the first three months of the last year.
During the first-quarter, Nakheel awarded construction contracts worth five billion UAE dirhams and also signed agreements with two Thai hotel operators. In addition, it opened its fifth retail Pavilion and invested 150 million UAE dirham to create a new network of cycle routes across Dubai.
“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,” Nakheel Chairman Ali Rashid Lootah said.
The state-owned developer said it would award 4 billion UAE dirhams worth of contracts in the second quarter of 2017.
The company has four million square feet of retail space in operation, with another 13 million sqft under development. It currently operates two hotels, with 16 more due to be completed soon. Nakheel’s residential leasing portfolio is set to double to over 37,000 units as part of its ongoing expansion plans, the company said in a statement on Wednesday.
© Zawya 2017
