NAKHEEL RE­PORTS 17% RISE IN 2017 NET PROF­ITS

Dubai-based de­vel­oper, Nakheel, an­nounced a net profit of AED5.67BN for 2017, up 14% as com­pared to 2016. The com­pany also gen­er­ated a net profit of AED1.67BN in Q4 2017, an in­crease of 58% on the same pe­riod in 2016.

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The 2017 re­sults high­light the sta­bil­ity and ma­tu­rity of Dubai’s real es­tate sec­tor and re­mect the ro­bust busi­ness and eco­nomic ap­proach adopted un­der the lead­er­ship of HH Sheikh Mo­hammed bin Rashid Al Mak­toum 6ice 0res­i­dent and Prime Min­is­ter of the UAE and Ruler of Dubai.

Nakheel handed over 1 land-and-built form units in 2017, tak­ing the to­tal num­ber of han­dovers since 2010 to 12,700, while the re­tail, hos­pi­tal­ity, and leas­ing busi­nesses all con­tin­ued to per­form well.

Nakheel chair­man, Ali Rashid Lootah, said: “2017 was an­other good year for Nakheel. The com­pany met its busi­ness and lnan­cial tar­gets for the year and con­tin­ued to sup­port the lo­cal econ­omy by award­ing con­struc­tion con­tracts worth al­most AED8BN in 2017. We re­main ever thank­ful to – and in­spired by – our leader, HH Sheikh Mo­hammed Bin Rashid Al Mak­toum, who has placed his trust in Nakheel to play its part in de­liv­er­ing Dubai’s vi­sion.”

The 2017 re­sults re­mect Nakheel’s progress over the past few years in di­ver­si­fy­ing its busi­ness in cre­at­ing rev­enue-gen­er­at­ing as­sets. At the end of the year, Nakheel had

ha of re­tail space in op­er­a­tion that led to in­creased an­nual rev­enue from the re­tail busi­ness – a key fo­cus for Nakheel – which is ex­pected to gen­er­ate sig­nil­cant in­cre­men­tal rev­enue in sub­se­Quent years.

Nakheel’s hos­pi­tal­ity busi­ness also reg­is­tered an im­pres­sive in­crease in rev­enue over 201 , re­mect­ing the ro­bust per­for­mance of the two prop­er­ties that were fully op­er­a­tional in 2017. With tourism in Dubai con­tin­u­ing to grow, Nakheel is fur­ther ex­pand­ing its foot­print in this sec­tor, bring­ing new ho­tel con­cepts and new in­ter­na­tional part­ners to pro­vide a di­verse range of of­fer­ings for tourists and res­i­dents in Dubai, the UAE, and the Mid­dle East.

Nakheel’s res­i­den­tial leas­ing sec­tor busi­ness too con­trib­uted pos­i­tively in 2017. The com­pany re­mains com­mit­ted to pro­vid­ing Qual­ity leas­ing ac­com­mo­da­tion, with plans to in­crease its num­ber of units for lease in sub­se­quent years.

Lootah con­tin­ued: “Nakheel has an im­pres­sive port­fo­lio of projects un­der devel­op­ment which will fur­ther re­in­force our po­si­tion as an es­tab­lished, worldlead­ing de­vel­oper.”

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