UAE-based Nakheel, one of the world’s leading developers, has announced a net profit of Dh4 billion ($1.08 billion) for the first nine months, up 2.5 per cent over the same period last year.

Announcing the results for the nine-month period ending September 30, Nakheel said its core business of residential development combined with its growing hospitality, retail and leasing businesses all contributed to the results.

The leading global developer has handed over almost 1,200 units to customers so far this year. Other milestones include completing Warsan Village and Jumeirah Islands Townhouses communities and 401 homes at Al Furjan.

On the solid performance, Chairman Ali Rashid Lootah said: "The growth in our net profit signals stability and maturity in Dubai’s real estate market, and reflects our ongoing strategy to diversify our business in order to build a long-term, sustainable business and achieve our financial objectives."

"Nakheel has awarded construction contracts worth over Dh7 billion so far this year, including an Dh4.2 billion contract for Deira Mall and an Dh1.5 billion contract for The Palm Gateway, with more due by the end of the year," he stated.

According to him, Nakheel also broke ground on hotels at Ibn Battuta Mall and Dragon Mart, made significant progress on joint ventures with Centara Hotels & Resorts and RIU Hotels & Resorts, and opened Jumeirah Islands Pavilion neighbourhood retail centre.

Nakheel has more than 23,200 residential units under construction at various locations across Dubai, including Palm Jumeirah, Nad Al Sheba and Jumeirah Park, said the company in a statement.

Its current and future retail portfolio comprises over 17 million sq ft of leasable space, including 13 million under development.

The hospitality collection has 17 hotels and serviced apartment complexes, two of which are open, with 6,000 rooms between them, as well as a growing number of clubs and restaurants, it added.-TradeArabia News Service