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Nakheel reported a net profit of AED1.48 billion (USD402.91 million) for the first quarter of this year and confirmed its retail, hospitality and residential leasing business has performed solidly.

Between January and March, the company handed over 412 land and built form units to its clients and awarded construction contracts worth AED5 billion (USD1.36 billion).

The period under review also saw signed agreements with two renowned Thai hotel operators, the opening of the fifth retail pavilion and announcing an investment of AED150 million (USD40.84 million) to create cycle routes across Dubai.

The developer plans to continue delivering new projects, including another AED4 billion (USD1.09 billion) worth of contracts set to be concluded in the second quarter.