Nakheel posts Dh1.55 billion Q1 profit

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dubai - Delivery and diversification of portfolio prop up master developer's profits

By Staff Report

Published: Wed 2 May 2018, 11:57 AM

Last updated: Wed 2 May 2018, 1:59 PM

Nakheel made a net profit of Dh1.55 billion in the first quarter of 2018, up 5 per cent on Q1 2017. The developer had posted a net profit of Dh1.67 billion in Q4 of 2017.
The master developer handed over nearly 200 land and built form units to customers during Q1 2018 and sold the last available villas at its new Warsan Village community, with all 934 homes now purchased.

Meanwhile, its retail, hospitality and residential leasing businesses all continued to perform well.

Between January 1 and March 31, 2018, Nakheel officially signed construction contracts worth almost Dh5 billion. This includes a Dh4.2 billion contract for Deira Mall at Deira Islands and a Dh385 million contract for its first joint venture at Deira Islands - the 800-room beachfront hotel and waterpark from Spain's RIU Hotels & Resorts.

The first quarter also saw significant construction progress at several Nakheel residential, retail and hospitality projects, including The Palm Tower, Nakheel Mall and The Palm Gateway on Palm Jumeirah; Deira Islands Night Souk, Deira Mall and the RIU and Centara resorts at Deira Islands; and Warsan Souk at Warsan Village.

Nakheel chairman Ali Rashid Lootah said: "It has been an impressive start to 2018, with our Q1 results reflecting our ongoing delivery and diversification as per our business plan, and our key role in enhancing Dubai's real estate sector through a growing range of residential, retail and hospitality projects in line with government goals."

- business@khaleejtimes.com