UAE-based master developer Nakheel has registered a net profit of Dh1.55 billion ($421 million) for the first three months of 2018, up five per cent over the same period last year.

The master developer handed over nearly 200 land and built form units to customers during the first quarter, and sold the last available villas at its new Warsan Village community, with all 934 homes now purchased.

Meanwhile, its retail, hospitality and residential leasing businesses all continued to perform robustly, said the top Dubai developer.

Between January 1 and March 31, 2018, Nakheel officially signed construction contracts worth almost Dh5 billion. Among them: an Dh4.2 billion contract for Deira Mall at Deira Islands, and an Dh385 million contract for its first joint venture at Deira Islands – the 800-room beachfront hotel and waterpark from Spain’s RIU Hotels & Resorts.

The first quarter also saw significant construction progress at several Nakheel residential, retail and hospitality projects, including The Palm Tower, Nakheel Mall and The Palm Gateway on Palm Jumeirah; Deira Islands Night Souk, Deira Mall and the RIU and Centara resorts at Deira Islands; and Warsan Souk at Warsan Village.

On the solid results, Nakheel Chairman Ali Rashid Lootah said: "It has been an impressive start to 2018, with our Q1 results reflecting our ongoing delivery and diversification as per our business plan, and our key role in enhancing Dubai’s real estate sector – through a growing range of residential, retail and hospitality projects – in line with government goals."

"As ever, we thank our leaders for their continued trust, support and belief in our company," he added.

A world-leading developer, Nakheel continues to deliver and enhance an iconic portfolio of innovative landmark projects in Dubai across the residential, retail, hospitality and leisure sectors.-TradeArabia News Service