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Nakheel posts 4% dip in its H1 2018 net profits

Dubai master developer, Nakheel, reported a 4% dip in its net profit for the first six months of 2018, to AED2.51bn
as compared to AED2.61bn in the same period in 2017.

Nakheel handed over 451 units to customers in the first six months of the year. The company’s non-development businesses – retail, leasing, hospitality, and asset management – all performed strongly.

Annual revenues from these sectors now stand at AED2.6bn – three times as much as in 2010 – and currently accounts for 38% of the company’s total revenue.

In a statement to Dubai Financial Market (DFM), the developer said that revenue from these sectors will continue to
grow with the completion of retail and hospitality projects such as The Pointe, due to open this year, and The Night Market, Warsan Souk, The Palm Tower, and Nakheel Mall, which are due to come on line in 2019.

Nakheel officially signed construction contracts worth more than AED6bn between January and June this year. It includes contracts worth AED4.2bn for Deira Mall; AED600mn for Nad Al Sheba Mall; AED447mn for a bridge
between Deira Islands and mainland Dubai; and AED385mn for the 800-room RIU resort at Deira Islands.

In H1 2018, the company also signed a joint venture with Al Nasr Sports & Cultural Club for an AED300mn retail centre, announced a planned partnership with Austria’s Vienna House hotels for a new resort at Deira Islands, and declared its first project outside of Dubai – an AED75mn retail centre in partnership with the Sharjah Investment and Development Authority.

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