Nakheel Properties reported net profit of AED2.95bn for 1H16, up 4% Y-o-Y. Its 2Q16 profit was flat at AED1.4bn. The Dubai developer of real estate handed over 1,177 units to customers in 1H16. The company said that retail, residential leasing, hospitality businesses all performed strongly and contributed to 1H results. Nakheel said that it is developing about 12mn square feet of shops for lease and 19,000 homes for lease across the city in areas such as Palm Jumeirah, Deira Islands, Jumeirah Village and Warsan Village. (Bloomberg, The National)
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