Nakheel Real Estate which is totally owned by Dubai government witnessed exceptional profits values in the first quarter of 2015 to reach 1.35 billion dirhams rising by 115% compared to the same period of the last year.
It’s worth mentioning that the company’s profits in 2014 first quarter reached 629 million dirhams. Nakheel Real Estate mentioned that last quarter’s profits are supported by the powerful performance of the whole sector in addition to delivering a number of projects.
The company launched a number of new projects in the real estate sector including a huge residential sector in Deera Islands. The company announced a series of expansions in Dragon Mart and Bin Batota Mall which will result in sustaining the profits rise.
The company’s cut its loans last year from 12.3 billion dirhams to 4.4 billion dirhams by paying 7.9 billion 4 years before the due date.