Dubai - Nakheel today announced a net profit of AED2.51 billion for the first six months of 2018. The profit for the same period in 2017 was AED2.61 billion.

Nakheel handed over 451 units to customers in the first six month of the year. The company’s non-development businesses – retail, leasing, hospitality and asset management – all performed strongly. Annual revenues from these sectors is now AED2.6 billion – three times as much as in 2010 – and currently accounts for 38 per cent of the company’s total revenue. Revenue from these sectors will continue to grow with the completion of retail and hospitality projects such as The Pointe, due to open this year, and The Night Market, Warsan Souk, The Palm Tower and Nakheel Mall, which are due to come on line in 2019.

Nakheel officially signed construction contracts worth more than AED6 billion between January and June this year. Among them: contracts for AED4.2 billion for Deira Mall; AED600 million for Nad Al Sheba Mall; AED447 million for a bridge between Deira Islands and mainland Dubai; and AED385 million for the 800-room RIU resort at Deira Islands.

In H1 2018, the company also signed a joint venture with Al Nasr Sports & Cultural Club for an AED300 million retail centre, announced a planned partnership with Austria’s Vienna House hotels for a new resort at Deira Islands and declared its first project outside of Dubai – an AED75 million retail centre in partnership with the Sharjah Investment and Development Authority.

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About Nakheel (www.nakheel.com)

Nakheel is a world-leading developer and a major contributor to realising the vision of Dubai for the 21st century: to create 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.

Our master developments 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, Jebel Ali Gardens and Nad Al Sheba. Together, these span more than 15,000 hectares and currently provide homes for over 270,000 people. Nakheel has around 25,000 residential units under construction or in the pipeline.

Nakheel’s retail arm, Nakheel Malls, is the Middle East’s largest retail developer, with 17.5 million sq ft of leasable space across 19 projects, including large-scale destination malls and souks, F&B destinations and community shopping centres. Assets include the world-famous Ibn Battuta Mall and Dragon Mart, both of which continue to undergo major expansions. Upcoming projects include Nakheel Mall on Palm Jumeirah; Deira Mall at Deira Islands; Al Khail Avenue at Jumeirah Village and more.

Our growing hospitality project portfolio comprises 18 hotels and serviced apartment developments with over 6,600 rooms and hotel apartments between them at various locations in Dubai, including Palm Jumeirah, Deira Islands, Ibn Battuta Mall, Jumeirah Village and Dragon City. Two are currently open and operational, with the rest at various stages of construction and development.

Media contact: Rebecca Rees on +9714 375 9702 (Rebecca.rees@nakheel.com)

© Press Release 2018

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