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29 March 2024

Nakheel reports 2017 nine month net profit of Dh4bn

Published
By Wam

Nakheel today announced a net profit of AED4 billion for the first nine months of 2017, a 2.5 per cent increase on the same period last year. Nakheel has handed over almost 1,200 units to customers so far this year.

The company’s core business of residential development combined with its growing hospitality, retail and leasing businesses all contributed to the results for the period ending 30th September, 2017.

Nakheel Chairman, Ali Rashid Lootah, said, "The growth in our net profit signals stability and maturity in Dubai’s real estate market, and reflects our ongoing strategy to diversify our business in order to build a long-term, sustainable business and achieve our financial objectives."

Nakheel has awarded construction contracts worth over AED7 billion so far this year, including an AED4.2 billion contract for Deira Mall and an AED1.5 billion contract for The Palm Gateway, with more due by the end of the year.