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Dubai's Nakheel says H1 net profit up 4% to $803m

Nakheel on Wednesday announced a net profit of AED2.95 billion ($803.1 million) for the first six months of 2016, a four percent increase on the same period in 2015.

The Dubai developer said in a statement that it handed over 1,177 units to customers during the first half of the year.

Nakheel said it reached a number of milestones during the first half of 2016, including the opening of Dragon Mart 2 and the first of a series of expansions at Ibn Battuta Mall.

Combined, these increased Nakheel's existing retail portfolio by 35 percent, bringing the current operational total to 4.2 million sq ft.

Nakheel also opened its first hotel - a 251 room property attached to Dragon Mart 2 and managed by Accor - during H1.

The company added that it is set to hand over more residential units to customers during the second half of 2016, starting at Azure Residences on Palm Jumeirah, with handovers at Jumeriah Park, Jumeirah Islands, Al Furjan and Warsan Village to follow.

Nakheel chairman Ali Rashid Lootah said: "Our encouraging half year results reflect investor confidence in Dubai and its real estate sector. Over the next six months we will build on these positive figures with further improvements and better results as we continue with our strategy of creating more cash-generating assets and strengthening our asset base."

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