UAE-based master developer Nakheel has reported a 5% increase in net profit to $422m (AED1.55bn) for the first quarter of 2018, as compared to the corresponding period last year.

The developer attributes the results to the handover of several projects, including the hand over of nearly 200 land and built form units to customers during Q1 2018, as well as the sale of all 934 homes its new Warsan Village community.

Nakheel signed construction contracts worth almost $1.4bn (AED5bn) between January and March 2018, which include an $1.1bn (AED4.2bn) contract for Deira Mall at Deira Islands, and an $105m (AED385m) contract for a joint-venture-led, 800-room beachfront hotel and waterpark project from Spain’s RIU Hotels & Resorts.

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Ali Rashid Lootah, Nakheel chairman, said: “It has been an impressive start to 2018, with our Q1 results reflecting our ongoing delivery and diversification as per our business plan, and our key role in enhancing Dubai’s real estate sector – through a growing range of residential, retail and hospitality projects – in line with government goals.”

Construction progress for Nakheel’s residential, retail, and hospitality projects continued in the first quarter, including The Palm Tower, Nakheel Mall, and The Palm Gateway on Palm Jumeirah.

Deira Islands Night Souk, Deira Mall and the RIU and Centara resorts at Deira Islands, and Warsan Souk at Warsan Village are also ongoing.