Dubai’s Nakheel says six-month net profit up 53%

Developer reports $770m profit during first half of 2015 amid ongoing handover of properties

PHOTO: The Palm Jumeirah in Dubai is Nakheel’s flagship master development. Credit: Nakheel

The Dubai developer Nakheel says it made a $770 million profit in the first half of 2015, an increase of 53% on the same period last year.

It attributed the rise to the performance of its business-development team, the ongoing handover of properties, along with the company’s growing retail, leasing and leisure operations.

“We will build on these results during the second half of this year, and remain committed to playing a key role in contributing positively and effectively to Dubai’s real estate sector,” Nakheel Chairman Ali Rashid Lootah said in a statement.

“Our strategy of continuing to create more cash-generating assets will further boost our business and financial results in the coming years.”

Going forward, the company said it will continue to focus on expanding its retail, hospitality and residential leasing projects as well as completing various projects currently under construction.

Nakheel’s current retail portfolio comprises of large scale destination developments like Nakheel Mall, Deira Mall, and The Pointe at Palm Jumeirah among others.

The developer also stated that its existing and future pipeline of retail projects covers more than 13 million square feet of leasable space.


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