Nakheel Properties, the leading state-owned Dubai-based real estate developer, has posted its financial results and statements for the year 2018, showing that it has generated a net profit of around $1.2bn within last year.
The statements also indicated that Nakheel’s current equity value is around $13.34bn growing by more than the double of its value in 2011 which stood at the $6.53bn mark.
In 2018, Nakheel Properties has notably worked on growing its non-development projects that, by the end of the year, its non-development portfolio in Dubai comprised 19 retail attractions, 18 hospitality and serviced residential complexes that include 6,600 units, in addition to 24 clubs and restaurants.
As for the residential projects, Nakheel has commenced the construction process of the twin-tower Dragon Towers in Dragon City as well as a number of homes in Jumeirah Park area.
On the other hand, Nakheel’s gross leasable area has increased to 46 hectares within the last year after launching Palm Jumeirah’s new waterfront attraction The Pointe.
In his comment on the recorded generated profit, Ali Rashid Lootah, the chairman of Nakheel Properties expressed the company’s gratitude for His Highness Sheikh Mohammed Bin Rashid Al Maktom, ruler of Dubai and the Vice President and Prime Minister of the UAE, for his support for and trust in Nakheel Properties.