Local developer Nakheel has partnered with Madrid-based hotel operator RUI Hotels & Resorts to build a new beach resort on Deira Islands.

The four-star hotel will have 750 rooms and will be close to the Deira mall and Deira Islands Night Souq.

On 30 April, Nakheel said it made a net profit of AED1.35bn ($368m) in the first three months of 2015, more than double the net profit of AED629m made in the first quarter of 2014.

The company said the 115 per cent increase in net profit for the first quarter of 2015 is the result of a strong performance by the development business, with ongoing handovers of properties to customers. Its retail, leasing and leisure businesses also continued to improve and contribute to the overall financial results for the first quarter of 2015.

Nakheel is building a variety of development projects across Dubai that it expects to continue generating development revenue when they are completed and units are handed over.