Nakheel  announced a net profit of AED1.48 billion for the first quarter of 2017.

The company handed over 412 land form and built form units to customers during Q1 2017, with its retail, hospitality and residential leasing businesses continuing to perform solidly.

The three-month profit is in line with company forecasts, said Nakheel.

Between 1 January to 31 March 2017, Nakheel also awarded construction contracts worth AED5 billion, signed agreements with two renowned Thai hotel operators, opened its fifth retail Pavilion and announced an investment of AED150 million to create a new network of cycle routes across Dubai.

Nakheel is set to award another AED4 billion worth of contracts in Q2 2017 while continuing to expand its retail, hospitality and residential leasing businesses to deliver a range of new projects in line with the Government of Dubai’s 2021 vision.

As of now, the company has four million square feet of retail space in operation with another 13 million sq ft under development. Two Nakheel hotels are operational with 16 more under way, and its residential leasing portfolio is set to double to over 37,000 units under ongoing expansion plans.

Nakheel Chairman Ali Rashid Lootah said: “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. As ever, we thank our investors and the Government of Dubai for their ongoing trust in and support for Nakheel.”

Source: Nakheel

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