|01-22-2015, 05:45 PM||#1|
Nakheel sees no reason to pace down its development activity
Nakheel Properties, one of the leading real-estate developers in UAE, said it sees no reason to slow the pace of its development activities.
The Dubai-based developer affirmed yesterday that it has already awarded new construction contracts for this year carrying the value of Dh7 billion, after reporting a net profit of Dh3.68 billion for full-year 2014.
“We are in a position to award construction contracts at better prices” Ali Rashid Lootah, Chairman of Nakheel said. “It has had an impact on creating healthier margins for us in 2014. Since 2010, the value of construction contracts awarded by us has touched Dh24 billion.”
Last November, Nakheel leased out more than 90% of Warsan Souk, its latest retail development in Dubai. A month later, the developer revealed that more than a third of shop space at the Jumeirah Village`s Circle Mall in Dubai has been booked before even opening.
Nakheel mainly aims to attract young Emirati entrepreneurs to occupy most of the 1,000 shops, thirty cafes and restaurants available in Warsan Souk, giving an opportunity to new stores to open across the UAE.
Both of these initiatives continue to boost the activity and expansion of small and medium enterprises (SMEs) across the country.
SMEs are the backbone of the UAE economy, contributing to almost 60% of non-oil gross domestic product and 86% of private-sector employment, according to the Ministry of Economy.
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