Nakheel reports strong H1 2018 performance


August 15, 2018 | By RetailME Bureau

Dubai-based developer Nakheel have announced a net profit of AED2.51 billion for the first six months of 2018. The profit for the same period in 2017 was AED2.61 billion.

Nakheel handed over 451 units to customers in the first six month of the year. The company’s non-development businesses – retail, leasing, hospitality and asset management – all performed strongly. Annual revenues from these sectors is now AED2.6 billion – three times as much as in 2010 – and currently accounts for 38% of the company’s total revenue. 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 AED6 billion between January and June this year. Among these are contracts for AED4.2 billion for Deira Mall; AED600 million for Nad Al Sheba Mall; AED447 million for a bridge between Deira Islands and mainland Dubai; and AED385 million 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 AED300 million 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 AED75 million retail centre in partnership with the Sharjah Investment and Development Authority.

Comments

comments

Previous Article Next Article

SHARE

YOU MAY ALSO LIKE /


Lulu Group partners with Amazon expanding grocery offerings to online customers in the UAE

Abu Dhabi based grocery retail chain Lulu Group has partnered with Amazon 

Continue Reading

November 24, 2022 | By RetailME Bureau
Food Tech Valley partners with Tradeling to boost UAE’s food ecosystem

UAE-government-led initiative Food Tech Valley – announced in 2021 by His Highness 

Continue Reading

November 17, 2022 | By RetailME Bureau
Lulu Hypermarket to open in The Dubai Mall in 2023

Abu Dhabi-based supermarket chain Lulu Hypermarket is all set to open in 

Continue Reading

November 10, 2022 | By Rupkatha B
Beyond Meat’s Q3 2022 results “disappointing”

Plant-based meat brand Beyond Meat’s financial results for the third quarter of 

Continue Reading

November 10, 2022 | By RetailME Bureau
Barakat unveils new biodegradable packaging

UAE’s fresh produce brand Barakat has launched bio-degradable packaging across its entire 

Continue Reading

October 27, 2022 | By RetailME Bureau
Pure Harvest CEO Sky Kurtz

UAE-based agritech start-up Pure Harvest Smart Farms has signed a Memorandum of 

Continue Reading

October 27, 2022 | By RetailME Bureau
Carrefour signed up as anchor tenant for Midtown Project

Carrefour, owned and operated by Majid Al Futtaim – Retail in the 

Continue Reading

October 27, 2022 | By RetailME Bureau
Grandiose Supermarket announces country-wide expansion plans

Grandiose Supermarket, part of Ghassan Aboud Group, has announced expansion plan in 

Continue Reading

October 26, 2022 | By Rupkatha B
100 years of Valrhona

The Valrhona journey began 100 years ago with a cocoa bean. Since 

Continue Reading

October 24, 2022 | By Justina Eitzinger
On-demand grocery delivery in 15 mins

Deliveroo UAE has announced the expansion of its rapid grocery delivery service 

Continue Reading

October 24, 2022 | By RetailME Bureau
Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment

The Ministry of Climate Change and Environment (MOCCAE) revealed that the UAE 

Continue Reading

October 17, 2022 | By RetailME Bureau

Abu Dhabi-based leading supermarket chain Lulu Group has appointed investment bankers Moelis 

Continue Reading

October 13, 2022 | By RetailME Bureau




f
Download Images RetailME Magazine