Dubai Developer Nakheel Posts Lower 2018 Profits Of $1.2b

DUBAI, United Arab Emirates (AP) — Property developer Nakheel, behind eye-popping projects like Dubai's palm-shaped islands, said Wednesday that profits reached $1.2 billion in 2018, down from $1.5 billion recorded in 2017. The state-owned company did not disclose revenue figures. There are concerns of oversupply in Dubai's real estate market with thousands of new units, sprawling neighborhoods and more malls being built in the lead-up to the 2020 World Expo. Nakheel's current projects in Dubai include a new mall and tower on the Palm Jumeirah, hotels, resorts and a 1,500-villa community.Read more on NewsOK.com

Topics:  united arab emirates ap     property   world   expo   palm jumeirah   newsok   dubai   nakheel   dubai   profits   projects   billion   

 

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