Dubai-headquartered property developer, Nakheel, announced a net profit of $1.54bn (AED5.67bn) for 2017, a 14% hike over corresponding 2016 figures. 

In Q4 2017, Nakheel's net profit amounted to $454.7m (AED1.67bn), a 58% increase over Q4 2016's net profit. 

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Nakheel, the master developer of Palm Jumeirah (pictured), handed over 1,439 land and built-form units during the year, which raised its number of handovers since 2010 to 12,700.

In a press statement, the developer said its hospitality business also recorded "an impressive increase" in annual revenue, adding that the rise reflected "the robust performance" of two hotels that it started operating in 2017. 

Commenting on the results, Ali Rashid Lootah, chairman of Nakheel, said: "2017 was another good year for Nakheel.

"The company met its business and financial targets for the year, and continued to support the local economy by awarding construction contracts worth almost $2.2bn (AED8bn) in 2017.

By the end of 2017, Nakheel's portfolio included 42.7ha of retail space in operation, with the developer's retail business also contributing to the developer's annual revenue.