Nakheel build­ing on mar­ket

7 Days in Dubai - - BUSINESS -

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.

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