Ali Lootah, chairman of Nakheel, said the 2017 results reflect Nakheel’s progress over the past few years in diversifying its business. Christopher Pike / The National
Ali Lootah, chairman of Nakheel, said the 2017 results reflect Nakheel’s progress over the past few years in diversifying its business. Christopher Pike / The National

Nakheel fourth quarter net profit surges 58% on diversified revenue, property recovery



Nakheel’s fourth-quarter net profit jumped 58 per cent year-on-year as the Dubai property developer of the Palm Jumeirah continued to diversify its revenue streams amid a recovery in the emirate’s real estate market.

Net profit in the three months ending in December reached Dh1.67 billion and full-year net profit stood at Dh5.67bn, up 14 per cent from 2016, the company said in a statement on its website on Wednesday.

 “2017 was another good year for Nakheel,” said Nakheel chairman Ali Lootah. “The company met its business and financial targets for the year and continued to support the local economy by awarding construction contracts worth almost Dh8 billion in 2017.”

The property market in Dubai is rebounding as the government spends on infrastructure in the run-up to hosting Expo2020 and the economy expands faster in 2018 than last year.  The total value of real estate transactions in Dubai rose 16.8 per cent to Dh132bn in the first half of 2017 compared with Dh113bn a year earlier, Dubai Land Department figures show.

Nakheel said it handed over 1,439 land and built form units in 2017, bringing the ­total number of handovers since 2010 to 12,700. The company’s retail, hospitality and leasing businesses “continued to perform well”, it said.

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“The 2017 results reflect Nak­heel’s progress over the past few years in diversifying its business in creating revenue-generating assets.”

“At the end of the year, Nak­heel had 4.6 million square feet of retail space in operation that led to increased annual revenue from the retail business – a key focus for Nakheel – which is expected to generate significant incremental revenue in subsequent years.”

The company’s two hotels also had a strong performance last year and Nakheel plans to continue to expand its hospitality offerings.

MATCH INFO

World Cup qualifier

Thailand 2 (Dangda 26', Panya 51')

UAE 1 (Mabkhout 45 2')

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Abdul Jabar Qahraman was meeting supporters in his campaign office in the southern Afghan province of Helmand when a bomb hidden under a sofa exploded on Wednesday.

The blast in the provincial capital Lashkar Gah killed the Afghan election candidate and at least another three people, Interior Minister Wais Ahmad Barmak told reporters. Another three were wounded, while three suspects were detained, he said.

The Taliban – which controls much of Helmand and has vowed to disrupt the October 20 parliamentary elections – claimed responsibility for the attack.

Mr Qahraman was at least the 10th candidate killed so far during the campaign season, and the second from Lashkar Gah this month. Another candidate, Saleh Mohammad Asikzai, was among eight people killed in a suicide attack last week. Most of the slain candidates were murdered in targeted assassinations, including Avtar Singh Khalsa, the first Afghan Sikh to run for the lower house of the parliament.

The same week the Taliban warned candidates to withdraw from the elections. On Wednesday the group issued fresh warnings, calling on educational workers to stop schools from being used as polling centres.

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COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
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RACE CARD

6.30pm: Al Maktoum Challenge Round-3 – Group 1 (PA) $65,000 (Dirt) 2,000m

7.05pm: Handicap (TB) $65,000 (Turf) 1,800m

7.40pm: Meydan Classic – Listed (TB) $88,000 (T) 1,600m

8.15pm: Nad Al Sheba Trophy – Group 3 (TB) $195,000 (T) 2,810m

8.50pm: Dubai Millennium Stakes – Group 3 (TB) $130,000 (T) 2,000m

9.25pm: Meydan Challenge – Listed Handicap (TB) $88,000 (T) 1,400m


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