Click to copy

Dubai developer Nakheel posts lower 2018 profits of $1.2B

March 6, 2019 GMT

FILE - In this May 3, 2007 file photo, the Nakheel-built Palm Jumeirah archipelago is seen from a helicopter, in Dubai, United Arab Emirates. On Wednesday, March 6, 2019, property developer Nakheel, behind eye-popping projects like Dubai's palm-shaped islands, announced recorded profits of $1.2 billion for 2018. That's down from profits of $1.5 billion in 2017. (AP Photo/Kamran Jebreili, File)

DUBAI, United Arab Emirates (AP) — Property developer Nakheel, behind eye-popping projects like Dubai’s palm-shaped islands, has recorded profits of $1.2 billion for 2018, down from $1.5 billion in profits in 2017.

The state-owned company did not disclose revenue figures.

There are concerns of oversupply in Dubai’s property 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.

Bloomberg reported Wednesday the developer dismissed about 300 employees in past weeks while privately-held Majid Al Futtaim cut more than 100 jobs.

A leading Dubai bank warned Tuesday that non-oil companies across the UAE cut staff at their sharpest rate in nearly a decade.