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Nakheel's net profit for the first 9 months of 2018 fell 3.5 per cent to Dh3.86 billion as against Dh4 billion for the same period last year as the number of deliveries nearly halved.
The Property developer said its year-to-date property handovers totalled 588 units as compared to 1,200 handovers in the first 9 months of 2017.
"While residential development remains its core business, the focus on expanding its hospitality, retail and leasing divisions continues. Annual revenue from these sectors is now Dh2.6 billion - almost 40 per cent of the total - and continues to grow as new projects are delivered," it said in a statement on Wednesday.
So far this year, Nakheel has announced contracts worth Dh7 billion for a diverse range of infrastructure, residential, retail and hospitality projects, including Deira Mall, Nad Al Sheba Mall, the main bridge connecting Deira Islands and mainland Dubai, the RIU and Centara joint venture resorts at Deira Islands, PALM360, and the newly launched Dragon Towers.
Last month, Nakheel announced two new residential projects - Dragon Towers and Jumeirah Park Homes - for sale, adding a significant number of units to its development pipeline, which will be reflected in future profit figures as the projects are delivered.
The Dh713 million Dragon Towers broke ground last month and is due for completion in 2021, while construction of 147 four-bedroom homes with private pools at the high-end Jumeirah Park community is due to begin in early 2019.
Nakheel will also showcase a Dh58 billion worth of real estate projects at the Dubai Property Show at London Olympia from November 16 to 18.
Meanwhile Nakheel is heading back to Britain to showcase a plethora of real estate projects - collectively worth Dh58 billion - at the Dubai Property Show at London Olympia.
More than 29,000 British citizens have invested Dh88 billion in Dubai property, according to the Dubai Land Department, with Nakheel's own customer portfolio including 2,530 Britons who have spent Dh5 billion on its properties. Nakheel exhibited at the first DPS London in 2016, and is back two years later for the second event with a new and exciting range of projects and attractive payment schemes, including low deposits, post-handover payments plans of up to seven years and five years' free service charges. Prices start at Dh449,000.
Aqil Kazim, CCO at Nakheel, said: "The Dubai Property Show is a golden opportunity to showcase our projects to an audience that is already our third largest group of investors outside the Middle East. The city's world-famous projects and enviable lifestyle are already well-known among UK citizens, with many calling it their second home, but we are boosting British investment and strengthening Dubai's relationship with this part of the world even more through this show and other initiatives. Dubai is a magnet for expatriates to live and work in the emirate. These people need accommodation, creating a huge demand for rental properties, which offer impressive investment returns of six per cent and over."
Nakheel's arrival in London comes hot on the heels of the release of Dubai Government's new tourism targets: 21 to 23 million annual visitors to the emirate by 2022 and 25 million by 2025. Dubai is already the fourth most visited city in the world and home to the world's busiest airport with 88.2 million international passengers last year. The emirate's population is expected to increase from 3.2 million today to more than five million by 2030.
"Innovative thinking and bold ambition have turned Dubai into one of the world's most successful, fastest-growing cities, with Nakheel's ground-breaking real estate projects playing a key role in the city's past, present and future," Kazim said. -waheedabbas@khaleejtimes.com
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