Number of milestones reached in first half of 2016
Nakheel made a net profit of Dhs2.95 billion in the first six months of 2016 - a four per cent increase on the net profit of Dhs2.83 billion in the same period in 2015.
The property developer handed over 1,177 units to customers, with its retail, residential leasing and hospitality businesses all performing strongly and contributing to the H1 2016 results, which are in line with the company’s forecast.
Chairman Ali Rashid Lootah (pictured) said: “Our 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 reached a number of milestones during the first half of 2016, including the opening of Dragon Mart 2 and the first of a series of expansions at Ibn Battuta Mall. Combined, these increased Nakheel’s existing retail portfolio by 35 per cent (1.1 million square feet), bringing the current operational total to 4.2 million sq ft. It also opened its first hotel - a 251-room property attached to Dragon Mart 2 and managed by Accor - during H1 2016. The company is on target to officially open new neighbourhood community centres - known as Nakheel Pavilions - at International City, Al Furjan and Jumeirah Islands in the second half of 2016. It will also continue to grow its portfolio of retail and residential leasing assets: about 12 million sq ft of leasable retail space and 19,000 residential leasing units are currently under development at various locations across Dubai, including Palm Jumeirah, Deira Islands, Jumeirah Village and Warsan Village.
During the second half of 2016, Nakheel is set to hand over more residential units, starting at Azure Residences on Palm Jumeirah, with handovers at Jumeirah Park, Jumeirah Islands, Al Furjan and Warsan Village to follow.