Nakheel posts Dh3b profit

Nakheel has handed over more than 1,100 units to customers.

Nakheel has handed over more than 1,100 units to customers and earned a net profit of nearly Dh3 billion during the first six months of 2016, the developer announced on Wednesday.
The developer of man-made island Palm Jumeirah declared a net profit of Dh2.95 billion, showing a four per cent increase on the net profit of Dh2.83 billion in the first six months of 2015.
"Our encouraging half year results reflect investor confidence in Dubai and its real estate sector. Over the next six months we will build on these positive figures with further improvements and better results as we continue with our strategy of creating more cash-generating assets and strengthening our asset base," Nakheel Chairman Ali Rashid Lootah said.
The company handed over 1,177 units to customers during January to June period this year, with its retail, residential leasing and hospitality businesses all performing strongly and contributing to the first half 2016 results.
Nakheel claimed a number of milestones during the first half of 2016, including the opening of Dragon Mart 2 and the first of a series of expansions at Ibn Battuta Mall. Combined, these increased Nakheel's existing retail portfolio by 35 per cent (1.1 million square feet), bringing the current operational total to 4.2 million square feet. Nakheel also opened its first hotel - a 251-room property attached to Dragon Mart 2 and managed by Accor - during H1 2016.
The developer said it is on target to officially open new neighbourhood community centres - known as Nakheel Pavilions - at International City, Al Furjan and Jumeirah Islands in the second half of 2016. The company continues to grow its portfolio of retail and residential leasing assets:  around 12 million sqft of leasable retail space and 19,000 residential leasing units are currently under development at various locations across Dubai including Palm Jumeirah, Deira Islands, Jumeirah Village and Warsan Village.
Nakheel is expected to hand over more residential units to customers during H2 2016, starting at Azure Residences on Palm Jumeirah, with handovers at Jumeriah Park, Jumeirah Islands, Al Furjan and Warsan Village to follow.
-abdulbasit@khaleejtimes.com