The Palm Jumeirah, Nakheel's signature reclamation project in Dubai. Image Credit: Supplied

Dubai: The UAE’s Nakheel generated a net profit of Dh4.38 billion for 2018, a decline of 22 per cent from the previous year’s Dh5.67 billion.

Despite the Dh1.29 billion slump, the company’s total equity has more than doubled in the last seven years, standing at Dh49 billion in December 2018, compared to Dh24 billion at the end of 2011.

The Palm Jumeirah master developer, which currently has a stock of 17,000 units, reported on Wednesday that it turned over 657 homes in 2018, taking the total number of handovers since 2010 to 13,357.

The developer said it is targeting a substantial increase in annual recurring revenue in the next five years, as it is set to deliver a number of new developments.

Over the next 18 months, Nakheel said, the projects that will be coming on line will include the Nakheel Mall and The Palm Tower (St. Regis hotel) on Palm Jumeirah; The Night Market at Deira Islands; a Premier Inn hotel and showroom complex at Dragon City; an Avani Hotel at Ibn Battuta Mall; Warsan Souk at Warsan Village; the 1,500-villa Nad Al Sheba community and two resorts (RIU and Centara) at Deira Islands.

Nakheel’s current and future non-development portfolio includes 19 retail developments which will add 17 million square feet of leasable space, 18 hotels, resorts and serviced apartment complexes and 24 clubs and restaurants across Dubai.