Local developer Nakheel made a net profit of AED2.95bn during the first half of 2016, which was a four per cent increase on the net profit of AED2.83bn made in the same period in 2015.

Net profit for the first quarter this year was AED1.47bn, meaning second quarter profit was AED1.48bn and up slightly on a quarterly basis.

“Our encouraging half year results reflect investor confidence in Dubai and its real estate sector,” said Ali Rashid Lootah, chairman, Nakheel. “Over the next six months we will build on these positive figures with further improvements and better results as we continue with our strategy of creating more cash-generating assets and strengthening our asset base.”

Nakheel handed over 1,177 units to customers during the first six months of the year, with its retail, residential leasing and hospitality businesses all performing strongly and contributing to the first half 2016 results, which are in line with the company’s forecast.