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Abu Dhabi, UAESunday 24 June 2018

Nakheel to launch projects worth Dh3.2bn

The Dubai developer will unveil its plans at Cityscape next week

Nakheel will debut plans for six new buildings, worth Dh3.2 billion. Christopher Pike / The National
Nakheel will debut plans for six new buildings, worth Dh3.2 billion. Christopher Pike / The National

Nakheel will launch six new developments worth more than Dh3.2 billion next week, the company said on Monday.

The Palm Jumeirah developer said that it would unveil plans for six new residential, retail and hospitality buildings at four of its communities in Dubai, bringing the company’s total investment for the year to Dh14.2bn.

“We continue to deliver and diversify in line with government goals and our own business strategy,” said Ali Lootah, Nakheel chairman. “And while development remains our core business, we are focusing on growing our hospitality, retail and leasing divisions by creating a range of new hotels, resorts, food and beverage destinations, malls and tourists attractions across the city.”

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The developer currently has Dh50bn worth of projects under construction, and expects to award construction contracts amounting to Dh12bn by the end of the year.

Nakheel said that there had been an upturn in sales of ready properties, off-plan and land plots over the past few months; however, the company in July reported a 10.5 per cent decline in its first half net profit.

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While the developer did not give a reason for the downturn, apartment sales prices in Dubai as a whole fell by 3 per cent year-on-year over the second quarter, according to property management company Asteco.

The fall was partly attributed to an increase in affordable projects and completions, with many of Dubai’s largest developers turning their focus to middle-income investors.