Nakheel reports Q1 2018 net profit of AED1.55-bn

RetailME Bureau

Dubai-based master developer Nakheel made a net profit of AED1.55 billion in the first quarter of 2018, up 5% on Q1 2017.

Between January 1 and March 31, 2018, Nakheel officially signed construction contracts worth almost AED5 billion. Among them are AED4.2 billion contract for Deira Mall at Deira Islands and an AED385 million contract for its first joint venture at Deira Islands – the 800-room beachfront hotel and waterpark from Spain’s RIU Hotels & Resorts.

Q1 2018 also saw significant construction progress at several Nakheel residential, retail and hospitality projects, including The Palm Tower, Nakheel Mall and The Palm Gateway on Palm Jumeirah; Deira Islands Night Souk, Deira Mall and the RIU and Centara resorts at Deira Islands; and Warsan Souk at Warsan Village.

“It has been an impressive start to 2018, with our Q1 results reflecting our ongoing delivery and diversification as per our business plan, and our key role in enhancing Dubai’s real estate sector – through a growing range of residential, retail and hospitality projects – in line with government goals. As ever, we thank our leaders for their continued trust, support and belief in our company,” says Nakheel chairman, Ali Rashid Lootah.