Ali Rashid Lootah and his colleagues at Nakheel have certainly enjoyed a healthy start to the year. The UAE-based developer achieved a net profit of $400m (AED1.47bn) in Q1 2016, 8% higher than the $367m (AED1.35bn) achieved during the corresponding period of last year.
Nakheel handed over 536 units that it had completed to customers during the first three months of 2016, with its retail, residential leasing, and hospitality businesses all registering a strong performance.
During the same period, Lootah’s team also opened Dragon Mart 2, almost doubling the size of the developer’s Dragon Mart mall complex to 204,368 sqm.
Commenting on Nakheel’s Q1 2016 performance, Lootah noted: “Our first quarter results are very encouraging and reflect investor confidence in Dubai and its real estate sector. We remain confident and will continue to execute our business plan, in turn contributing positively to Dubai’s real estate sector in line with the government’s 2021 Vision.”
Projects are also under construction at Nakheel’s Palm Jumeirah, Deira Islands, Jumeirah Village, and Warsan Village developments.