Media ININ Economy We Trust
06-03-2019 Media in\ Dubai
Nakheel today announced a net profit of AED 4.38 billion in 2018.
Currently, the company’s total equity in the last seven years has doubled to reach AED 49 billion in December 2018 compared to AED 24 billion at the end of 2011.
As part of its major activities in the residential development sector, Nakheel in 2018 delivered more than 657 real estate / land units and residential units, bringing the total number of units delivered since 2010 to 13,357 real estate units.
In 2018, the company also launched new residential projects including Dragon Towers, a twin-tower residential tower with modern apartments and a new range of Jumeirah Park properties with more plans tailored to market requirements.
The company continues to focus on the development of its portfolio of retail, hospitality and residential leasing sectors, which achieved strong performance in 2018 with revenues of AED 2.5 billion from its growing portfolio.
Nakheel is targeting sustainable growth in annual recurring revenues over the next five years as part of its sustainable growth strategy through a range of projects that will be completed within the next 18 to two years and will contribute to the expected increase once fully operational, including Nakheel Mall, , The Palm Tower / St. Regis Hotel in Palm Jumeirah, Night Market in Deira Islands, Premier Inn Hotel, Dragon City Exhibition Complex, Avani Hotel in Ibn Battuta Mall, Souk Worsan Village And 500 villas in the Nad Al Sheba community and the Rio / Centara / Deira Islands resorts.
Ali Rashid Lootah, Chairman of Nakheel, said that the company is focusing on long-term sustainable growth through continued expansion in the retail, hospitality and residential leasing sectors in line with its objectives and vision of Dubai.
Nakheel’s current and future portfolio includes 19 retail projects with 17 million square feet of leaseable space, 18 hotels, resorts and serviced apartments with 6,600 rooms and 24 clubs and restaurants in Dubai.
The company’s operational retail space has grown to more than 5 million square feet in 2018 with the opening of the new marine destination for leisure and dining at Palm Jumeirah, which will reflect revenue starting in 2019. There are also 3 million square feet of Which is expected to be added this year to the company’s portfolio.
Nakheel’s hospitality business revenue grew in 2018, reflecting the continued strong performance of the company’s first two hotels – opened in 2016 at Ibn Battuta Mall and Dragon City – with two years of operation – and a range of community clubs And restaurants with new concepts. More hotels and resorts are being built as part of Nakheel’s strategy to introduce new and diverse tourism concepts to Dubai as part of the tourism government’s vision.
Nakheel is also expanding into the residential leasing sector. The company is one of the largest companies in the sector and currently has 17,000 units, with more units coming from Nad Al Sheba, Palm Jumeirah and Warsan Village.
