Nakheel boasts the iconic man-made Palm Jumeirah island among its portfolio of completed works, but with multimillion-dollar projects ongoing in at least two emirates, chairman Ali Rashid Lootah has evidently led the UAE developer to expand its portfolio in the last 12 months.
Nakheel’s latest Palm Jumeirah project, The Pointe, has gone from strength to strength, and the 13ha food and retail hub, worth $217m (AED800m), will open in Q4 2018. The developer also continues to expand its 1km2 China-themed Dragon City in Dubai.
This year started well for the developer, with net profit rising by 5% in Q1 2018. This followed Nakheel’s sale of all 934 homes in its Warsan Village community project. Also during Q1, construction contracts worth almost $1.4bn (AED5bn) were signed, including a $1.1bn (AED4.2bn) deal for Deira Mall at Deira Islands.