Mubasher: Nakheel posted a year-on-year rise in its net profits, reaching AED 1.48 billion in the first quarter ended 31 March 2017, according to a statement.
The company had earlier posted net profits of AED 1.47 billion in Q1-16.
Nakheel delivered 412 land and built form units to customers in Q1-17, with its retail, hospitality, and residential leasing businesses performing strongly.
The developer also awarded AED 5 billion in construction contracts and signed agreements with two renowned Thai hotel operators.
Nakheel also opened its fifth retail Pavilion and unveiled an AED 150 million investment to create a new network of cycle routes across Dubai.
The company is set to award another AED 4 billion worth of contracts in Q2-17, with plans to continue expanding its retail, hospitality, and residential leasing businesses to deliver a range of new projects in line with Dubai’s 2021 plan.
