Dubai developer attributes gain to handover of completed projects and leasing business
- Nakheel records 53 per cent increase in first half profits
- Increase attributed to development revenue
Local developer Nakheel has reported net profits of AED2.83bn ($770m) for the first half of this year, which is a 53 per cent increase compared with AED1.85bn ($503m) from the same period last year.
The increase in profits have been attributed to handovers of completed projects as well as the companys growing retail and leasing business, according to a statement released by Nakheel on 27 July. The company says revenues remain on track.
Nakheel is currently developing a number of projects across Dubai that it expects to continue to generate development revenue when they are complete and units are handed over.
The firm has also launched several projects in the retail, hospitality and residential leasing sectors, including a vast new community at Deira Islands and huge extensions to Dragon Mart and Ibn Battuta Mall.
When operational, these schemes will generate cash revenue for Nakheel and further strengthen the developers overall financial position.
Nakheel is aiming to generate revenues of AED7.5bn a year from these assets.
Earlier this month the developer received bids for the contract to build the Gateway towers project at the base of Dubais Palm Jumeirah. And in June Nakheel awarded Van Oord of the Netherlands a two-year AED387m ($105m) contract to deliver 23.5 kilometres of coastline and breakwaters at its Deira Islands project.
You might also like...
Ruwais LNG full EPC award expected in June
29 March 2024
PIF entity makes $1bn Lucid placement
29 March 2024
Petro Rabigh awards KBR maintenance contract
29 March 2024
Diriyah Company seeks firms for demolition work
29 March 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.