Nakheel recorded net profit worth AED 4.96 bn in 2016, up 13% from AED 4.38 bn in 2015, Invest-Gate reports.

The record results were proof of positive real estate sector sentiment in Dubai and moves Nakheel’s cumulative results to AED 19.9 bn since 2010, emphasizing an enhanced year-on-year performances in the company’s retail, hospitality, and residential rental sectors, according to the company’s released statement. Nakheel’s retail sector revenues grew by 70% in 2016 compared to 2015.

Nakheel added that residential leasing held occupancy rates at almost 100%, as the company expects more rents in residential sector in 2017 since it considers residential sector as a steady revenue.

The company has assigned construction contracts worth AED 3 bn in 2016 and will allocate AED 10 bn worth of contracts this year; Nakheel has started to deliver some of its finalized projects, announced an investment of AED 150 million in cycle tracks, and will launch sales for their Palm Jumeirah PALM 360 project.