São Paulo – Nakheel, the United Arab Emirates-based real estate developer, reported a net profit of AED 4.96 billion (USD 1.35 billion) in 2016, the highest in its history. The number is up 13% from the preceding year, local news website Arabian Business reported.
The company said the record profit is a testament to a solid, mature real estate industry in Dubai. It reported a net profit of AED 955 million (USD 260 million) in quarter four, which is 22% higher than in Q4 2015.
““Under our ongoing commitment to maintaining the momentum in the local economy, Nakheel awarded construction contracts worth around AED3 billion (USD 816.5 million) in 2016, and is set to award AED10 billion worth this year,” said chairman Ali Rashid Lootah.
Arabian Business said its hospitality business revenue soared by 50% in 2016 from 2015. Occupancy rates at housing units built by the company was close to 100% last year.
The Nakheel chairman said 2017 is a promising year. ““A month into 2017, we have already begun handovers to customers on some of our completed projects, signed agreements with new hospitality partners, released the first of many construction tenders and announced an investment of AED 150 million [40.83 million] in cycle tracks across our communities, while later this year we will launch sales of our new project on Palm Jumeirah, PALM 360,” he said.
*Translated by Gabriel Pomerancblum
