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Nakheel reports 3.83% fall in first-half profit to Dh2.51b

Property developer hands over 451 units to customers

Gulf News

Dubai: Nakheel reported a 3.83 per cent decline in first-half net profit to Dh2.51 billion compared to Dh2.61 billion a year ago.

The property developer handed over 451 units to customers in the first six months of the year.

Annual revenues from non-development businesses — retail, leasing, hospitality and asset management — are now Dh2.6 billion and currently accounts for 38 per cent of the company’s total revenue.

The company expects revenues from these sectors to continue to grow with the completion of retail and hospitality projects such as The Pointe, due to open this year, and The Night Market, Warsan Souk, The Palm Tower and Nakheel Mall, which are due to come online in 2019.

Nakheel officially signed construction contracts worth more than Dh6 billion between January and June this year. Among them: contracts for Dh4.2 billion for Deira Mall; Dh600 million for Nad Al Sheba Mall; Dh447 million for a bridge between Deira Islands and mainland Dubai; and Dh385 million for the 800-room RIU resort at Deira Islands.

In the first half, the company also signed a joint venture with Al Nasr Sports and Cultural Club for an Dh300 million retail centre, announced a planned partnership with Austria’s Vienna House hotels for a new resort at Deira Islands and declared its first project outside of Dubai — an Dh75 million retail centre in partnership with the Sharjah Investment and Development Authority.

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