Nakheel, one of the world’s leading developers, has announced a net profit of Dh1.48 billion ($403 million) for the first quarter of 2017.

The Dubai company said the three-month profit was in line with its forecasts.

Nakheel has handed over 412 land form and built form units to customers during the first quarter, with its retail, hospitality and residential leasing businesses continuing to perform solidly, said the company in its statement.

Between January 1 to March 31, Nakheel also awarded construction contracts worth Dh5 billion ($1.36 billion), signed agreements with two renowned Thai hotel operators, opened its fifth retail pavilion and announced an investment of Dh150 million ($41 million) to create a new network of cycle routes across Dubai.

Nakheel is set to award another Dh4 billion ($1.08 billion) worth of contracts in the second quarter while continuing to expand its retail, hospitality and residential leasing businesses to deliver a range of new projects in line with the Government of Dubai’s 2021 vision, said the statement.

As of now, the company has 4 million sq ft of retail space in operation with another 13 million sq ft under development, it added.

Two Nakheel hotels are operational with 16 more under way, and its residential leasing portfolio is set to double to over 37,000 units under ongoing expansion plans.

On the performance, Nakheel chairman Ali Rashid Lootah said: "Our first quarter results are as forecast. We continue to execute our long-term business plan, in turn contributing positively to Dubai’s real estate sector."

"As ever, we thank our investors and the Government of Dubai for their ongoing trust in and support for Nakheel," he added.-TradeArabia News Service