Nakheel's net profit rises 115 percent for first quarter of 2015

Nakheel recently reported its development business has increased during its first quarter of 2015 by 115 percent in comparison to the first quarter of 2014, an increase well over $367 million. 

Experts attribute this increase to strong performance and continuing property handovers to clients. Nakheel’s retail, leisure and leasing businesses have also shown ongoing growth during the first quarter of 2015. When the most recent projects are completed, the company estimates that it will gain an additional amount exceeding $2 trillion each year.

Various Nakheel communities have reported there are various development projects progressing throughout the area. The company experts have stated that the development revenue will continue to grow as these projects are finished and sold.

“We expect to build upon these impressive first quarter results throughout 2015, and will continue to remain focussed in contributing to the real estate sector in Dubai in a positive and effective manner in line with the government’s 2021 vision,”  Nakheel Chairman Ali Rashid Lootah said. “With our significantly reduced level of debt, we are well-positioned to pursue our strategy of creating more cash generating assets and strengthening Nakheel’s asset base to further boost our business and financial results in the coming years. We thank our investors for their increasing trust and confidence in Nakheel and the government of Dubai for their on-going support.”

Organizations in this story

Nakheel Dubai - United Arab Emirates Dubai, Dubai

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