Handing over properties helped the Dubai developer Nakheel to post a profit in the first quarter, reversing losses suffered in the same period last year.
Nakheel posted a net profit of Dh362 million (US$98.5m) in the first quarter of the year compared with a Dh36m loss a year earlier, it said yesterday.
"The positive results of the first quarter … continue to indicate a relatively more stable real estate market in Dubai," Nakheel said.
The developer's revenues of Dh1.35 billion for the quarter, were up by 159 per cent on the same quarter last year, it reported.
Nakheel in April announced a profit of Dh1.3bn for last year, up 33 per cent on the previous year.
Property prices in Dubai fell up to about 60 per cent from their peaks, resulting in Nakheel having to restructure $16bn of debt.
"We are continuing to see increased activity in the Dubai real estate markets, but within each sector there is considerable diversity in performance," said Alan Robertson, the chief executive of Jones Lang LaSalle Mena (Middle East and North Africa). "We are still seeing modest rental and price growth in the very best residential locations, but the high levels of supply in less prime locations means that overall average rents and prices remain under pressure."
In April, Nakheel started work on a townhouse development on the Palm Jumeirah. This was its first major project to launch following its debt restructuring.
Then the developer announced plans last month to build 192 studio apartments on the Palm.
It has also announced retail expansion plans, as it aims to double the size of DragonMart. The company is also looking at doubling the size of Ibn Battuta mall.
Nakheel said that "effective cost control measures … resulted in further reducing the overheads by Dh22m [in the first quarter] compared to the corresponding period in 2011". Meanwhile, its net assets increased by about Dh1bn to Dh24.5bn, Nakheel said.
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The specs
Match info
Premier League
Manchester United 2 (Martial 30', Lingard 69')
Arsenal 2 (Mustafi 26', Rojo 68' OG)
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
COMPANY PROFILE
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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MATCH INFO
Uefa Champioons League semi-final:
First leg: Liverpool 5 Roma 2
Second leg: Wednesday, May 2, Stadio Olimpico, Rome
TV: BeIN Sports, 10.45pm (UAE)
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
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Rating: 3/5
Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro
Writers: Walter Mosley
Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
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The specs
Engine: 2.0-litre 4cyl turbo
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Kareem Shaheen on Canada
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Porsche Taycan Turbo specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 1050Nm
Range: 450km
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Engine: 2.0-litre 4cyl turbo
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KILLING OF QASSEM SULEIMANI
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Europe wide
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Mohammed bin Zayed Majlis
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
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Australia 2-1 Thailand
Australia: Juric 69', Leckie 86'
Thailand: Pokklaw 82'
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Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
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The specs: 2018 Peugeot 5008
Price, base / as tested: Dh99,900 / Dh134,900
Engine: 1.6-litre turbocharged four-cylinder
Transmission: Six-speed automatic
Power: 165hp @ 6,000rpm
Torque: 240Nm @ 1,400rpm
Fuel economy, combined: 5.8L / 100km
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
On Women's Day
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
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Brief scoreline:
Liverpool 5
Keita 1', Mane 23', 66', Salah 45' 1, 83'
Huddersfield 0
SCHEDULE
December 8: UAE v USA (Sharjah Cricket Stadium)
December 9: USA v Scotland (Sharjah Cricket Stadium)
December 11: UAE v Scotland (Sharjah Cricket Stadium)
December 12: UAE v USA (ICC Academy Oval 1)
December 14: USA v Scotland (ICC Academy Oval 1)
December 15: UAE v Scotland (ICC Academy Oval 1)
All matches start at 10am
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COMPANY PROFILE
Company name: SimpliFi
Started: August 2021
Founder: Ali Sattar
Based: UAE
Industry: Finance, technology
Investors: 4DX, Rally Cap, Raed, Global Founders, Sukna and individuals
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
