Nakheel, a leading Dubai-based developer, has registered a net profit of Dh3.91 billion ($1.06 billion) for the first nine months of this year, up 8.3 per cent over the profit of Dh3.61 billion ($982 million) for the same period last year.

One of the world’s leading developers and a major contributor to realising the vision of Dubai for the 21st century, Nakheel said its third quarter results too were on expected lines registering a Dh955 million ($260 million) profit for the third quarter, up 22 per cent over Dh781 million (213 million) last year.

The Emirati firm pointed out that the results reflected stable market conditions. As with previous results periods, Nakheel’s development business, with its ongoing handovers of properties to customers, and the company’s growing retail, leasing and leisure businesses all contributed to the results for the period, it stated.

On the performance, Nakheel chairman Ali Rashid Lootah said: "The growth in our net profit for the first nine months of 2016 compared to the same period in 2015 is a sign of a stable and mature local real estate market. The results also reflect positively on our business strategy to invest in our income-generating asset portfolio."

"We expect to further consolidate on our position and finish the year on an even stronger note," he stated.

Nakheel currently has more than 2,300 units at various development projects under construction, including 934 units nearing completion at the new Warsan Village community.

It is also investing around Dh40 billion ($11 billion) in expanding its retail, hospitality and residential leasing portfolios with a host of new projects under way that will further contribute to and strengthen its overall financial position.

Nakheel has around 13 million sq ft of leasable space under development at new, large-scale retail projects across Dubai, while its hospitality portfolio comprises 16 hotels and serviced apartment complexes with over 5,200 rooms between them.

The company is also doubling its residential leasing stock by adding over 18,000 new units to its portfolio.

"The last nine months has seen a range of significant achievements for Nakheel, including the biggest milestone in our history: settling all of the Dh4.4 billion ($1.2 billion) of trade creditor sukuk that was due on August 25. This was the last outstanding obligation from the financial restructuring concluded in August 2011," said Lootah.

"We thank the Government of Dubai, without whom this milestone would not have been possible, for its ongoing support. With the restructuring behind us, we can now operate with more flexibility to achieve our business and financial objectives.," he added.-TradeArabia News Service