Nakheel in Q1 2018: $0.42bn of profit and $1.36bn in new contracts signed
Middle Eastern construction giant Nakheel has posted results for the first quarter of 2018, recording a 5% growth in profits to $0.42bn (AED 1.55bn).
The firm also signed new deals amounting to $1.36bn (AED 5bn), largely made up of a massive contract for Deira Mall at Deira Islands, worth $1.14bn (AED 4.2bn).
In terms of project delivery, Nakheel handed over 200 land and built form units to customers, while its retail, hospitality and residential leasing businesses all continued to perform robustly.
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Nakheel Chairman Ali Rashid Lootah 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.
“As ever, we thank our leaders for their continued trust, support and belief in our company.”
Q1 2018 also saw significant construction progress at several Nakheel projects, 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.
In an exclusive Q&A with Construction Global earlier this year, Lootah revealed that Nakheel had $14bn of projects under way and was awarded construction contracts worth over $2bn in 2017.
Speaking of Dubai specifically, he said: “Dubai has always taken the initiative of leading a change in the region and, in particular the GCC. The smart city initiative is a game changer for Dubai as it will showcase its ability to adapt to new technology and be extremely beneficial for the people of Dubai.
“A number of projects are already underway and most government services are now based on use of technology, reducing the human interface and contributing to increased productivity and efficiency in governance.”
Skanska invests $225m in Houston office project
Skanska is investing US$225m in an office development project, 1550 on the Green in Houston, with construction expected to begin in June and scheduled to be completed in 2024.
The construction contract is worth US$125M, which will be included in the Q2 order bookings. International law firm Norton Rose Fulbright has signed a 15-year lease for about 30 percent of the building.
Located at 1550 Lamar Street, adjacent to Discovery Green, in downtown Houston, Skanska plans to develop and build a 28-floor, 34,800 square meter office tower.
1550 on the Green will be the first part of a three-block master plan by Skanska, which will transform the parcels into a distinguished district known as Discovery West and consist of 3.5 acres of mixed-use development full of restaurants, retail and lush green space. The project will target LEED and WiredScore Platinum certifications.
Since 2009, Skanska has invested a total of US$2.8 billion in commercial and multi-family projects, creating more than 1 million square meters of sustainable and community focused developments in select U.S. markets. Skanska USA had sales of SEK66 billion in 2020 with 7,600 employees in its operations.
Skanska’s flagship London office has set the standard in sustainable workspaces by becoming the first in the UK to achieve WELL Platinum under the new v2 pilot scheme.
The accreditation from the International WELL Building Institute (IWBI) was awarded through the v2 pilot, the newest version of the WELL Building Standard. It looks at all building features and management processes – from air and water quality to lighting, acoustics, nutrition, thermal comfort and mental wellbeing. It’s widely recognised as the industry yardstick for measuring how workspaces can contribute to the wellbeing of occupants.
The offices – which span three floors of the newly developed 51 Moorgate – contain floor-to-ceiling windows for extensive natural light, dedicated wellbeing and quiet spaces, as well as stringent air and water quality monitoring, among a range of other features that have helped earn the standard.
The company has also been exploring drone flights for use in industrial environments.
Peter Cater, Development Manager, said it was invited to carry out trials because of its use and knowledge of drone capability. "The trials have benefited everyone involved: sees.ai get to test their equipment and remote use of the drones and we get access to accurate, real-time data on our construction activities which benefits us and our customer, the Defence Infrastructure Organisation."
“Projects like this – at the forefront of innovation – go to show what an exciting industry construction is to be involved in. We are always looking for innovative ways of working, ways to be more sustainable so we can find better solutions for our customers. These trials are just one small part of our digital transformation journey.”