Nakheel profits rise 43 per cent to AED3.68 billion in 2014

4150Nakheel today announced its results for the financial year ending 31 December 2014: a net profit of AED3.68 billion representing a 43 per cent increase on last year’s net profit of AED2.57 billion.

The strong financial performance in 2014, driven mostly by the continued delivery of residential units and plot sales, underpins investors’ trust and confidence in Nakheel and Dubai’s real estate sector, and is a testament to the support of the Government of Dubai, Nakheel’s Board of Directors and other stakeholders, the company said.

Nakheel handed over 1,117 units to customers in 2014, including 132 homes at Palma Residences and Palm Views on Palm Jumeirah, the first new projects to be launched by Nakheel post-restructuring. Other handovers took place at Al Furjan, International City, Jumeirah Village, Jumeirah Park and Jumeirah Heights. Nakheel has now delivered 8,837 units to customers since its restructuring began in 2010.

Nakheel Chairman Ali Rashid Lootah said: “2014 was our biggest year yet in terms of financial performance and achievements. Not only did we clear all AED7.9 billion of our outstanding bank debt four years ahead of time, we also completed and delivered our first new project – Palma Residences – since restructuring.

“Our results for 2014 are further evidence of the ongoing support from the Government of Dubai and Nakheel’s Board of Directors to implement a sustainable, realistic long term business strategy. They also highlight continued growth in investor trust in Nakheel and Dubai real estate.”

Interest in Nakheel’s expanding number of retail projects swelled in 2014, with almost 7,000 units at Deira Islands Night Souk and Warsan Souk pre-leased within a week of their launch. There was also a large appetite for space at Nakheel Mall and The Pointe at Palm Jumeirah and at various other retail projects launched by Nakheel last year.

Ali Rashid Lootah added: “We are looking to maintain the same pace, at least, of growth in 2015 as we saw last year. We will continue to build on the success of 2014 by releasing more units for lease, both on the residential and retail side. Our aim is to reach AED7.5 billion in recurrent rental income – via a portfolio of 10 million square feet of retail space and 30,000 residential units – within around three years.”

Nakheel expects to award around AED7 billion worth of construction contracts in 2015. Projects include Deira Islands Mall, The Circle Mall and Al Khail Avenue at Jumeirah Village, The Palm Tower, Ibn Battuta expansion and several other residential, retail projects and hospitality projects across Dubai.

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