Nakheel reports AED1.48bn net profit in Q1 2017


April 26, 2017 | By RetailME Bureau

Dubai-based developer Nakheel today announced a net profit of AED1.48 billion for the first quarter of 2017, in line with the company forecasts.

While its retail, hospitality and residential leasing businesses continue to perform well, Nakheel handed over 412 land and built form units to customers during Q1 2017.

In addition, between January 1 and March 31 2017, Nakheel also awarded construction contracts worth AED5 billion, signed agreements with two renowned Thai hotel operators, opened its fifth retail Pavilion and announced an investment of AED150 million to create a new network of cycle routes across Dubai.

“Our first quarter results are as forecast. We continue to execute our long-term business plan, in turn contributing positively to Dubai’s real estate sector. As ever, we thank our investors and the government of Dubai for their ongoing trust in and support for Nakheel,” says chairman Ali Rashid Lootah.

Nakheel is set to award another AED4 billion worth of contracts in Q2 2017, while continuing to expand its retail, hospitality and residential leasing businesses to deliver a range of new projects in line with the government of Dubai’s 2021 vision.

Currently the company has 4 million sqft of retail space in operation with another 13 million sqft under development. Two Nakheel hotels are operational with 16 more under way, and its residential leasing portfolio is set to double to over 37,000 units under ongoing expansion plans.

Previous Article Next Article

SHARE

YOU MAY ALSO LIKE /



Mahalle began its operations in 2022 as an “Authentic Turkish Grocery in 

Continue Reading

October 7, 2024 | By Anurima Das
Naresh Kumar Bhawnani, Founder & Chairman, West Zone Group

“Retail is a people’s business. When building a retail brand or the 

Continue Reading

October 3, 2024 | By RetailME Bureau
Sunil Kumar, CEO, Spinneys

From being one of the first retailers in Dubai to ban single-use 

Continue Reading

October 1, 2024 | By RetailME Bureau
Walid Shabana, Co-founder & CTO, Rabbit

For starters, Rabbit is a growing e-commerce grocery platform in Egypt always 

Continue Reading

September 30, 2024 | By RetailME Bureau
Arunachalam Palaniappan, CTO, Choithrams

In 2024 grocery retail major Choithrams has achieved several milestones underscoring its 

Continue Reading

September 12, 2024 | By RetailME Bureau
#Topshelftalks session at Food Business Forum 2024

Industry pioneers are embracing a comprehensive strategy that integrates consumer insights, digital 

Continue Reading

July 3, 2024 | By Anurima Das
#EdgeOfTomorrow session at Food Business Forum 2024

The regional grocery retail market is evolving fast keeping pace with constantly 

Continue Reading

July 3, 2024 | By Rupkatha B
#CartToCouch session at Food Business Forum 2024

If anything, the Middle East market is excited about quick commerce – 

Continue Reading

July 2, 2024 | By Rupkatha B
#EcoEchoes session at Food Business Forum 2024

From ethical and local sourcing to adopting cutting-edge technologies to curb food 

Continue Reading

July 2, 2024 | By Rupkatha B
#ByteSizedBreakthroughs session at Food Business Forum 2024

The regional grocery retail market is becoming more and more diverse, offering 

Continue Reading

July 2, 2024 | By Rupkatha B

Spinneys, the leading premium fresh food retailer, has announced the opening of 

Continue Reading

June 24, 2024 | By RetailME Bureau

Spinneys has announced the launch of The Kitchen by Spinneys, its first-ever 

Continue Reading

May 20, 2024 | By RetailME Bureau




Download Images RetailME Magazine