Top Dubai developer Nakheel announced that it recorded AED 2.95 billion ($803 million) in net profit for the first half of this year, compared to AED 2.83 billion in H1 of last year, constituting a 4% increase, according to a press statement.
The company attributed its positive performance to the delivery of more than 1,177 units in H1. Additionally, Nakheel opened Dragon Mart 2, and completed a number of expansions of Ibn Battuta Mall during the first six months of 2016.
These developments and expansions reinforced Nakheel’s retail portfolio by 35%, amounting to 102,193 square meters, to reach a total of 390,193 square meters.
Adjoining Dragon Mart 2, Nakheel opened a 251 room hotel, the first by the company in the hospitality sector. Nakheel Pavilions is the company’s next project of community centers, which is due to be executed in the second half of 2016.
In the residential sector, the company is planning on delivering residential units at Azure Residences, during H2 of 2016, as well as in Jumeirah Islands, Al Furjan and Warsan Village.
“Our encouraging half year results reflect investor confidence in Dubai and its real estate sector. 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 Chairman Ali Rashid Lootah said.