Num­ber of mile­stones reached in first half of 2016

7 Days in Dubai - - BUSINESS -

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.

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