Nakheel posted the highest annual net profits in the company’s history for 2016.
The company posted profits of AED4.96 billion, a jump of 13% from the previous year’s figure of AED4.38 billion.
Nakheel Chairman Ali Rashid Lootah said: “2016 was a momentous year in which we met and completed all of our restructuring obligations by repaying all AED4.3 billion of the trade creditors sukuk from our own resources – and recorded our highest ever net profit since Nakheel’s inception.
“The future is promising and we are confident that our strategy of having a diversified business will significantly benefit Nakheel and reinforce its position as one of the world’s leading real estate developers.
“We are currently working towards completing our healthy pipeline of projects and making them operational in the next few years, starting with The Pointe at Palm Jumeirah, one of our key hospitality and retail destinations, which is due to open this year.”
Throughout the course of 2016, Nakheel commenced work on hotels including Dragon Mart, ibis Styles, operated by Accor, and Ibn Battuta Mall, operated as a Premier Inn, which have 623 rooms between them.
Revenue from Nakheel’s hospitality business jumped by 50 per cent in 2016 compared to 2015.
Nakheel’s hospitality porfolio includes 16 hotels and serviced apartment developments including Palm Jumeirah, Deira Islands, Ibn Battuta Mall, Jumeirah Village and Dragon City.