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53 per cent up on same period last year
Dubai, 27 July 2015: Nakheel today announced a net profit of AED2.83 billion for the first six months of 2015: an increase of nearly AED1 billion - or 53 per cent - on the H1 2014 profit of AED1.85 billion.
The sharp increase is mainly due to continued strong performance by Nakheel's development business, with ongoing handovers of properties to customers. The company's growing retail, leasing and leisure businesses also contributed to the overall financial results for H1 2015, said Nakheel.
Nakheel continues to focus on completing various development projects currently under construction, as well as expanding its retail, hospitality and residential leasing projects to further contribute to the growth in Dubai's real estate market and to further strengthen the overall financial position of the company.
Nakheel Chairman Ali Rashid Lootah said: "We have achieved a significant increase in our net profit for the first half of 2015 compared to the same period in 2014. We will build on these results during the second half of this year, and remain committed to playing a key role in contributing positively and effectively to Dubai's real estate sector. Our strategy of continuing to create more cash-generating assets will further boost our business and financial results in the coming years. As ever, we thank the Government of Dubai for its ongoing support and our investors for their increasing trust and confidence in Nakheel."
Media contact: Rebecca Rees on +9714 375 9702 (Rebecca.rees@nakheel.com)
About Nakheel
Nakheel is one of the world's leading developers and a major contributor to realising the vision of Dubai for the 21st century: creating a world class destination for living, business and tourism. Nakheel continues to deliver and enhance an iconic portfolio of innovative landmark projects in Dubai across the residential, retail, hospitality and leisure sectors.
Nakheel's master developments in Dubai include Palm Jumeirah, The World, Deira Islands, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Jumeirah Heights, The Gardens, Discovery Gardens, Al Furjan, Warsan Village, Dragon City, International City and Villas at Nad Al Sheba. Together, these span more than 15,000 hectares and currently provide homes for over 200,000 people.
Nakheel's growing retail project portfolio comprises large-scale destination developments at various locations in Dubai, including Nakheel Mall, Deira Mall, Deira Islands Night Souk, Warsan Souk, Al Khail Avenue, The Circle Mall and The Pointe at Palm Jumeirah; major extensions to Dragon Mart (renamed Dragon City) and Ibn Battuta Mall; and several neighbourhood community centres. Our existing and pipeline retail projects cover more than 13 million square feet of leasable space.
Nakheel is also developing hotels at various locations in Dubai, including Palm Jumeirah, Deira Islands, Ibn Battuta Mall and Dragon City.
Press Release 2015
