Dubai-based property developer Nakheel posts lower profits in the six-month period ending on June 30, 2017, Invest-Gate reports.

Net profits reached AED 2.64 bn in H1 of 2017, compared to AED 2.95 bn in the prior-year period.

Annual revenues from non-development businesses – including retail, leasing, hospitality and asset management services –amounted to AED 2.5 bn.

Nakheel announced construction contracts valued at more than AED 11 bn in H1 of 2017.