Local developer Nakheel says it made a net profit of AED4bn ($1.08bn) for the first nine months of 2017 – a 2.5 per cent increase on the AED3.91bn of net profit for the same period last year.

The company said in July that it made a net profit of AED2.95bn for the first six month of this year, meaning profits for the third quarter of 2017 were AED1.05bn – a 5 per cent increase on the AED955m recorded for the same period last year.

Nakheel says it has handed over almost 1,200 units to customers 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 30 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 more than 23,200 residential units under construction at various locations across Dubai, including Palm Jumeirah, Nad al-Sheba and Jumeirah Park. Its current and future retail portfolio comprises over 1.7 million square metres of leasable space, including 13 million under development. Its hospitality collection has 17 hotels and serviced apartment complexes, two of which are open, with 6,000 rooms between them, as well as a growing number of clubs and restaurants.

Nakheel has awarded construction contracts worth over AED7 billion so far this year. The largest is a AED4.2bn contract for the construction of Deira Mall on the Deira Islands development. Another major award was a AED1.5bn contract for The Palm Gateway on the mainland next to the Palm Jumeirah.