Dubai’s Nakheel registered a net profit of AED 1.48 bn for the Q1FY2017, compared to a net profit of AED 1.47 bn in Q1FY2016, Invest-Gate reports.

“Our first quarter results are as forecast. We continue to execute our long term business plan, in turn contributing positively to Dubai’s real estate sector,” comments Nakheel’s Chairman Ali Rashid Lootah. “As ever, we thank our investors and the Government of Dubai for their ongoing trust in and support for Nakheel.”

The company handed over 412 land- and built-form units to customers during Q1FY2017, with its retail, hospitality and residential leasing businesses continuing to perform solidly. Moreover, Nakheel is set to award another AED 4bn worth of contracts in Q2FY2017 while continuing to expand its retail, hospitality and residential leasing businesses to deliver a range of new projects in line with the Government of Dubai’s 2021 vision.

As of now, the company has 4 mn square feet of retail space in operation with another 13 million square feet under development. Two Nakheel hotels are operational with 16 more underway, and its residential leasing portfolio is set to double to over 37,000 units under ongoing expansion plans.