Nakheel profits soar to Dh2.83b in H1
Property handovers and budding retail, leasing and leisure business contributed to the profit growth
Dubai: Nakheel, the Dubai-based real estate developer, reported on Monday a Dh2.83 billion net profit for the first six months of the year ending June 30, 2015.
The company said property handovers and its budding retails, leasing and leisure business contributed to the profits that are 53 per cent more than the Dh1.85 billion it reported a year ago.
“We will build on these results during the second half of this year … Our strategy of continuing to create more cash-generating assets will further boost our business and financial results in the coming years,” stated Nakheel Chairman Ali Rashid Lootah.
Nakheel did not state revenue for the period.
Nakheel, which is responsible for many major land reclamation projects in Dubai including the world-famous Palm Jumeirah, said it will focus on development projects currently under development and expanding its retail, hospitality and residential leasing projects.
It is currently expanding flagship Ibn Battuta Mall and Dragon City, previously Dragon Mart, which includes new space for retail outlets, cinemas and hotels.
Another Nakheel project in the works is a 12-million square foot community development at Deira Islands with a 4.9 million square foot mall and more than 2,400 homes.
