Developer says that focus on expanding its hospitality, retail and leasing divisions continues
Nakheel, the UAE-based master developer, has announced a net profit of $1.05 billion for the first nine months of the year. That figure represents a slight decline in comparison to last year’s figures of $1.08 billion.
In a statement announcing the results, Nakheel said that its year-to-date property handovers rose to 588 units. It added that while residential development remains its core business, the focus on expanding its hospitality, retail and leasing divisions continues.
The annual revenue from these sectors now stands at $707.8 million – almost 40% of the total – and continues to grow as new projects are delivered, the statement continued.
In October 2018, Nakheel announced that two new residential projects – Dragon Towers and Jumeirah Park Homes – were on sale, thus adding a significant number of units to its development pipeline, which will be reflected in future profit figures as projects are delivered.
The $194.1 million Dragon Towers broke ground last month and is expected to be completed by 2021, while construction of 147 four-bedroom homes with private pools at the high-end Jumeirah Park community is due to begin in early 2019.
Till date this year, Nakheel has announced contracts worth $1.9 billion for a wide range of projects, including infrastructure, retail, residential and hospitality. These include the Deira Mall, Nad Al Sheba Mall, the main bridge connecting Deira Islands and mainland Dubai, the RIU and Centara joint ventures at Deira Islands, Palm360 and the newly launched Dragon Towers.