Nakheel building on market
Nakheel has announced a net profit of Dhs3.91 billion for the first nine months of 2016 – an increase of 8.3 per cent on the profit of Dhs3.61 billion in the same period last year. The company recorded a net profit of Dhs955 million for the third quarter – 22 per cent up on Q3 2015 profit of Dhs781 million. Ali Rashid Lootah, Nakheel chairman, said: “The growth in our net profit for the first nine months of 2016 compared with the same period in 2015 is a sign of a stable and mature local real estate market. The results also reflect positively on our business strategy to invest in our income-generating asset portfolio. We expect to further consolidate on our position and finish the year on an even stronger note.” Nakheel currently has more than 2,300 units at various development projects under construction. It is also investing about Dhs40 billion in expanding its retail, hospitality and residential leasing portfolios.