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Nakheel’s 28 per cent increase good news for investors
Plans for 2014 include 1.9 million square feet expansion of some retail centres
April 10, 2014 4:32 by kippreport
Today, April 10, UAE property developer Nakheel announced its results for the first quarter of 2014. It reported a net profit of AED629 million, which is a 28 per cent increase from last year.
This year, in February, the company settled AED2.35 billion in bank debts 18 months in advance. In the first quarter of 2014 more than 400 units were handed over in areas such as Palm Jumeirah, Al Furjan, International City and Jumeirah Heights.
Both shareholders and UAE residents can look forward to the proposed plans for the remainder of 2014, which include the handover of 1,200 units, enhancements to existing communities and further investment into new projects and hotels.
The 1.9 million square feet expansion of Dragon Mart and other retail centres in Jumeirah Park and Discovery Gardens are also scheduled for completion in the coming months.
According to the report, Nakheel’s property ownership currently spans more than 14,000 hectares and provides homes to more than 130,000 people.